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Item 1. Business

2024-09-12 compared with 2023-09-13 · 114 added, 123 removed, 300 unchanged (44% of the section changed)

Company Overview

Ibex is a leading provider in global business process outsourcing and end-to-end customer engagement technology solutions that helps drive extraordinary customer experiences (“CX”) for the world’s most recognized brands.

We combine our strong heritage of delivering world-class CX operations delivery with best-in-class services and solutions that span omnichannel customer engagement and support, digital marketing and customer experience management to help our clients measure customer sentiment and deliver a superior CX to their end-customers.

ibex delivers innovative business process outsourcing (“BPO”), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage, and retain valuable customers.

We combine our strong heritage of delivering leading customer experiences (“CX”) operations, services and solutions that span omnichannel customer engagement and support, digital marketing and customer experience management to help our clients measure customer sentiment and deliver a superior CX to their end-customers.

Leveraging our proprietary technology platform, company culture and operational excellence, ibex helps more than 135 clients create innovative and differentiated customer experiences to help increase loyalty, enhance brand awareness and drive revenue in an era of rapid change and digital transformation.

Our Service Offerings

The services we provide for clients are digital and traditional omni-channel capabilities.

We have designed a differentiated suite of digital and operational solutions meant to seamlessly manage interactions throughout the phases of the customer lifecycle, across multiple channels, customized to a client’s specific needs.

Our services cover three areas:

Digital & Omni-Channel Customer Experience (ibex Connect), Digital Marketing and E-Commerce (ibex Digital) and Digital CX surveys and analytics (ibex CX).

• ibex Connect

The Company is an end-to-end provider of technology-enabled customer lifecycle experience (“CLX”) solutions.

Through the Company’s integrated CLX platform, a comprehensive portfolio of solutions is offered to help optimize customer acquisition, engagement, expansion and experience for clients.

The Company leverages sophisticated technology and proprietary analytics, in combination with its global footprint and BPO expertise, to protect and enhance clients’ brands.

Our Connect business lies at the core of our offerings and generates the majority of the Company’s revenue.

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We deploy these capabilities through a true omni-channel CX model, which integrates voice, email, chat, SMS, social media and other communication applications.

• ibex Digital

Our ibex Digital suite of solutions works with consumer-facing businesses to help them build, grow and scale technology-driven customer acquisition solutions, while helping drive digital transformation.

We offer digital marketing, e-commerce technology, and platform solutions for some of the largest and fastest growing brands, helping them build new customer acquisition channels, increase acquired customers, and often do both at a reduced cost.

Our CX business measures, monitors and manages our clients’ holistic customer experiences.

By offering a 360-degree CX approach, our clients can harness the power of the data and customer feedback to differentiate themselves within today’s “customer expectation economy.” We enable our clients to improve retention of their customers, identify and manage service issues in real time, predict future behavior and outcomes, derive impact analysis scenarios and assign “action plans” throughout the enterprise.

In addition, our ibex Digital suite of solutions works with consumer-facing businesses to help them build, grow and scale technology-driven customer acquisition solutions, while helping drive digital transformation.

We offer digital marketing, e-commerce technology, and platform solutions for our clients, helping them build new customer acquisition channels, increase acquired customers, and often do both at a reduced cost.

We also have a small suite of what we call CX services which measures, monitors and manages our clients’ holistic customer experiences.

Ibex is built around an agent-first culture, developed and delivered through a combination of branded sites, technology-enabled recruiting and hiring, geographically and culturally specific benefits, and world-class employee engagement.

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This culture resonates with our employees across the globe, where we score an Employee Net Promoter Score (“eNPS”) of 77, and externally, where we have been recognized as:

• 2023 Philippines Best Employer Brand Award – Philippines Leadership Congress and Awards

• 2023 America's Greatest Workplaces for Diversity – Newsweek

• 2024 Best Employers for Diversity - Forbes

• 2024 & 2023 Philippines’ Best Employers – Philippine Daily Inquirer/Statista

• 2023 America's Greatest Workplaces for Diversity – Newsweek

• 2023 America’s Greatest Workplaces for Parents and Families – Newsweek

• 2023 Women Helping Women Award (Julie Casteel, Chief Strategic Accounts Officer and CMO) – Stevie Award for Women in Business

• 2023 Most Innovative Company of the Year Award– Titan Business Awards

• 2023 Philippines Best Employer Brand Award – Philippines Leadership Congress and Awards

• Best BPO and Gender Diversity and Inclusivity in Pakistan – Pakistan Software Houses Association (P@SHA) ICT Awards 2022

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Our Technology

The foundation for ibex service offerings is our WaveX technology platform.

WaveX is a differentiated suite of digital and technology solutions designed to power enhanced agent interactions, exceptional client CX, and overall better performance.

The foundation for ibex service offerings is our Wave iX technology platform, the next evolution of our prior WaveX technology platform.

Wave iX is a differentiated suite of digital and technology solutions designed to power enhanced agent interactions, exceptional client CX, and overall better performance.

We have created a three-pronged AI strategy, which continues to keep ibex at the forefront of digital transformation.

Our solutions are focused on increasing agent productivity, providing deeper customer insights to elevate the customer experience and putting AI in front of the customer journey with voice and chat bots.

Our technology helps clients drive insights and manage interactions across their entire customer journey.

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Our Business Insights

Ibex’s WaveX technology and analytics insight platform suite improves customer interactions, customer insights, contact center performance and client outcomes.

These solutions are deployed across more than 90 client engagements, where we deliver enhanced analytics and insights and process improvements across recruiting, hiring, training, management, and customer experience.

ibex has invested significant resources into building and implementing proprietary technology, focusing on software deployed across the full customer lifecycle journey.

Wave iX seamlessly integrates innovative AI-powered solutions with ibex’s cutting edge CX platform to facilitate advanced, hyper-personalized, intelligent interactions 24/7, and automate and customize solutions for our clients more efficiently than labor arbitrage alone, which helps cultivate stronger, more profitable customer relationships.

Ibex’s Wave iX technology helps improve customer interactions, business analytics and insights, contact center performance and client outcomes.

These solutions have been deployed on over 100 unique projects across our client portfolio, where we deliver AI-enhanced solutions and process improvements across recruiting, hiring, training, management, and customer experience.

Our Flexible Operating Delivery Model

Our global delivery model is built on onshore (continental United States), nearshore (Nicaragua, Honduras and Jamaica) and offshore (Philippines and Pakistan) customer experience delivery centers, and includes a unique ability to support work-at-home capabilities in any region.

We operate in the following geographies for our service offerings:

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We operate 29 delivery centers located in the United States, Philippines, Jamaica, Nicaragua, Pakistan, and Honduras.

As of June 30, 2023, we have approximately 24,000 agents across these centers.

As of June 30, 2024, we have approximately 30,000 employees across these centers.

Customer Acquisition

We operate four acquisition-focused Centers of Excellence, one in Jamaica, one in the Philippines, and two in Pakistan, which are focused on customer acquisition on behalf of our clients.

As of June 30, 2023, the number of agents dedicated to customer acquisition was more than 200.

As of June 30, 2024, the number of employees dedicated to customer acquisition was more than 200.

Customer Experience Technology Solutions

We deliver our CX technology solutions to our clients primarily through a cloud-based delivery model.

Our Analytics solution is an add-on solution, which includes technology such as omni-channel speech analytics utilizing artificial intelligence (AI) along with business analysts who provide various insights.

Our Analytics solution is an add-on solution, which includes technology such as omni-channel speech analytics utilizing AI along with business analysts who provide various insights.

Driven by our position in the digital-first market, in the last three fiscal years, we have experienced over 13% growth in our on-site nearshore and offshore capacity while shrinking our domestic on-site capacity by almost half.

As of June 30, 2023, 94% of our total on-site capacity resides in our high-growth high margin nearshore

and offshore markets, which are ideally placed for clients who are either digital-first or those who are digitally transforming their business.

As of June 30, 2024, 95% of our total on-site capacity resides in our high-growth high margin nearshore and offshore markets, which are ideally placed for clients who are either digital-first or those who are digitally transforming their business.

Our Strategic Approach

Our strategy is to place a high priority on delivering great customer experiences across the customer lifecycle and to focus on clients who view CX as a competitive differentiator.

We have transformed our business from a traditional business process outsourcer (BPO) of commoditized call center support to a technology-led provider and partner of choice.

We have transformed our business from a traditional BPO of commoditized call center support to a technology-led provider and partner of choice.

Companies are looking for enhanced solutions beyond pure labor arbitrage.

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Our goal is then to “expand” with additional services or new geographies where we operate for our clients.

We also maintain an acquisition strategy that targets situations in which it is optimal to acquire versus build.

We expect to primarily focus on adding additional omni-channel capabilities, providing access to new geographies and acquiring technologies that further differentiate our solutions.

The breadth of our capabilities, our ability to deliver a superior experience to our clients and our global delivery capabilities have allowed us to successfully land new clients and then expand our wallet share with them over time.

We seek to partner with growing companies with emerging brands to help drive their customer engagement in ways that can revolutionize the way consumers connect and invest in their brands of choice harnessing the power of technology.

These brands span across e-commerce, retail, FinTech, HealthTech, streaming content, ride sharing and hospitality.

These brands span across Retail & E-commerce, HealthTech, Telecommunication, FinTech, Travel, Transportation & Logistics, and Technology verticals.

We also serve large Fortune 500 companies with very established brands.

Our clients fit primarily within two categories:

New Economy Companies.

The first category of clients is digitally driven “disruptors.” We refer to these clients as the “New Economy” companies.

They tend to be faster-growing brands in high-growth industry verticals, such as (but not limited to) technology, e-commerce and consumer services.

Our service offering to our New Economy clients is designed to meet the needs for new economy verticals and high-growth requirements, with a focus on launch, speed-to-performance, and scale.

While many of these New Economy clients are smaller, fast-growing companies, there are several Fortune 500 companies within this group, such as Amazon and one of the

leading ride-sharing companies in the United States.

The success of our New Economy initiative with high-growth technology, e-commerce and consumer services clients is a key driver in the increase of our revenue from non-voice channels, and, as a result, has a positive effect on our profitability with their growth trajectory and greater propensity for these clients to leverage digital forms of service delivery.

Digital-First Companies.

The first category of clients is digitally driven “disruptors.” We refer to these clients as the “digital-first” companies.

They tend to be faster-growing brands in high-growth industries, such as (but not limited to) technology, e-commerce and consumer services.

Our service offering to our digital-first clients is designed to meet the needs for digital-first verticals and high-growth requirements, with a focus on launch, speed-to-performance, and scale.

While many of these digital-first clients are smaller, fast-growing companies, there are several Fortune 500 companies within this group, such as Amazon and one of the leading ride-sharing companies in the United States.

The success of our digital-first initiative with high-growth technology, e-

commerce and consumer services clients is a key driver in the increase of our revenue from non-voice channels, and, as a result, has a positive effect on our profitability with their growth trajectory and greater propensity for these clients to leverage digital forms of service delivery.

Blue Chip Companies.

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Within these two categories of companies, our core focus is on winning and growing partnerships with those clients we refer to as BPO 2.0 clients – those companies focused on providing amazing experiences to their customers, while enhancing their brand and customer loyalty, at scale, focusing on digital-first and integrated omni-channel delivery.

Our BPO 2.0 clients won since 2016 have grown at a 68% compounded annual growth rate (“CAGR”) and comprised 77% of our consolidated revenue in the fiscal year ended June 30, 2023.

Our success leveraging and embedding our WaveX technology and analytics insight platform suite across client engagements enhances and strengthens the nature of our client relationships.

Our success leveraging and embedding our Wave iX technology and analytics insight platform suite across client engagements enhances and strengthens the nature of our client relationships.

This is evidenced both by our high client retention rates, as well as our client Net Promoter Score (“NPS”) of 68.

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Today, our business is experiencing significant growth with clients that require best-in-class performance and differentiated value propositions.

Several trends are driving growth and transformation in the outsourced customer interactions market.

Several trends are driving transformation in the outsourced customer interactions market.

The BPO industry is undergoing a paradigm shift with Blue Chip clients pivoting toward technology-enabled marketplaces supporting an increasingly digitally native consumer base.

These clients are consciously evaluating potential areas where AI-enabled technologies could be utilized in the future.

This represents a key area for ibex to continue to capture market share.

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They view their customer contact center providers as essential partners and an extension of their brand rather than a cost center to manage customer interaction.

As a result, they are often moving away from their incumbent legacy providers to find service providers that can deliver better and differentiated customer support.

As a result, they are often moving away from their incumbent legacy providers to find service providers that can deliver better and differentiated customer support, leveraging emerging technologies.

They are not just looking for labor to manage contacts, but rather they are looking for great customer experiences.

In addition to clients in mature industries, emerging industries in the technology and consumer services sectors are changing the mix of solutions, channels and delivery locations.

We believe that participants that offer a flexible, technology-oriented, and integrated solution will be best positioned to address the following key industry trends:

We believe that market participants that offer a flexible, technology-oriented, and integrated solution will be best positioned to address the following key industry trends:

A Dramatic Prioritization of CX – As brands recognize that digital feedback mechanisms, such as social media, can rapidly impact brand perception in a positive or negative manner, the importance of delivering an exceptional customer experience has become a top priority for companies.

Consumer Centricity & Customer Lifetime Value (“LTV”) – Customer expectations and behaviors are changing dramatically.

Enabled by immediate feedback channels, consumers expect that enterprises will meet their needs and preferences instantaneously in return for brand loyalty and greater share of

customer spend.

Accordingly, enterprises and brands are more focused on understanding their consumers’ needs and developing business models that hinge on maximizing customer lifetime value.

Enabled by immediate feedback channels, consumers expect that enterprises will meet their needs and preferences instantaneously in return for brand loyalty and greater share of customer spend.

Accordingly, enterprises and brands are more focused on understanding their

consumers’ needs and developing business models that hinge on maximizing customer lifetime value.

In turn, they are demanding outsourced customer engagement partners that can deliver customer-centric solutions in an omni-channel manner that maximizes customer retention.

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Companies in emerging sectors outsource due to their limited experience and/or resources to manage increasing volumes of customer interactions, and in order to drive new customer demand, scale operations, optimize costs, protect their brand investment, and accelerate profitability.

Rise of Omni-Channel to Drive Consumer Centricity − Customer expectations and behaviors are changing dramatically with the evolution of technology such as smart phones, tablets and social media.

This has accelerated the speed of consumer interaction with brands.

Consumers expect the brands to meet their needs and preferences instantaneously in return for brand loyalty and a greater share of customer spend.

To address this trend, brands are focused on providing a seamless experience via integration of all contact channels (chat, email, SMS, voice, etc.) to deliver customer-centric solutions in an omni-channel manner that maximize customer lifetime value.

Artificial Intelligence (“AI”) to Enhance Service Delivery − With the increasing applicability of AI in enhancing business processes, the customer care industry is starting to integrate AI into its range of solutions to improve the customer experience and improve efficiencies.

AI to Enhance Service Delivery − With the increasing applicability of AI in enhancing business processes, the customer care industry is increasingly evaluating and starting to integrate AI into its range of solutions to improve the customer experience and improve efficiencies.

The proliferation and evolution of generative AI may have impacts on the CX sector.

Potential automation in back-end and middle-office business processes, as well as potential increased use of bots to respond to pre-defined queries, could impact assisted customer interactions.

Additionally, productivity and data availability and quality due to generative AI could result in an increased volume of work, as agents may be up-skilled to deploy improved analytical capabilities.

Potential automation in backend and middle-office business processes, as well as potential increased use of bots to respond to pre-defined queries, could impact assisted customer interactions.

Additionally, productivity, data availability and quality due to generative AI could result in an increased volume of work, as agents may be up-skilled to deploy improved analytical capabilities.

The adoption of generative AI also presents key challenges in the forms of data security, governance, implementation and coordination of an overall customer service solution.

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Data Protection & Security − With the rise of the digital economy has come a rise in both the concern toward, and vulnerability of, consumer data.

Both mature and new economy brands are placing a higher degree of focus on the technology that underpins the data security and fraud systems deployed by their partners;

Both mature and digital-first brands are placing a higher degree of focus on the technology that underpins the data security and fraud systems deployed by their partners;

having an advanced and secure system architecture along with data center redundancy and advanced security technologies are becoming increasingly important, understanding that any security breach can result in a devastating impact to a client’s brand and a consumer’s loyalty.

Data and Analytics − Companies are increasingly demanding that their providers of customer interaction solutions integrate data analysis and insight into their core service offerings, to drive

continuous performance and superior outcomes.

Data and Analytics − Companies are increasingly demanding that their providers of customer interaction solutions integrate data analysis and insight into their core service offerings, to drive continuous performance and superior outcomes.

These business intelligence tools can yield actionable insights across every customer touchpoint, which in turn enable clients to address customer issues in real time.

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Such solutions allow them to achieve greater operational flexibility and innovate their service offerings.

Solutions Catered to High-Growth Sectors – The challenges that new economy “disruptors” consist of managing high growth within their customer base, while simultaneously maintaining a high-quality customer experience.

In contrast to mature business models, new economy companies have generally not focused on developing large-scale insourced customer operations;

Solutions Catered to High-Growth Sectors – The challenges that digital-first “disruptors” face consist of managing high growth within their customer base, while simultaneously maintaining a high-quality customer experience.

In contrast to mature business models, digital-first companies have generally not focused on developing large-scale insourced customer operations;

therefore, they rely on external partners that can deliver customer service, engagement and support while maintaining the quality of their brands.

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Sales and Marketing

Our sales and marketing teams work closely together to drive awareness and adoption of our technology-enabled customer lifecycle experience (“CLX”) platform, accelerate customer acquisition and expand the relationship with our existing customers.

We focus on developing long-term relationships with large strategic clients that have needs across the entire CLX lifecycle and employ a “land and expand” strategy to grow these relationships.

Our sales and marketing teams work closely together to drive awareness and adoption of our technology-enabled CLX platform, accelerate customer acquisition and expand the relationship with our existing customers.

We focus on developing long-term relationships with large strategic clients that have needs across the entire customer lifecycle and employ a “land and expand” strategy to grow these relationships.

Under this strategy, we seek to build the client’s trust through flawless execution on the initial assignment (which is typically for a single solution or geography) and then expand the scope of our engagement with the client into multiple geographies and business lines, which allows us to offer additional CLX solutions.

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Our sales and marketing activities are focused on our key market verticals:

telecommunications and cable, technology, retail, emerging and high-growth technology, healthcare, financial services and utilities.

Telecommunication, Cable, Technology, Retail & E-commerce, HealthTech, FinTech and Utilities.

We believe our vertical market focus allows us to provide deep domain expertise and positions us as the best partner to help solve our clients’ unique needs.

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Our new logo organization is made up of teams focused on our key market verticals.

Each team is focused solely on penetrating and closing business with the top 40 clients in each vertical.

In addition, they will often partner with our client services executives who have an intimate understanding of the client’s business and needs, to actively identify and target additional cross-sell opportunities across the entire CLX lifecycle.

The New Economy team is focused on penetrating a broader reach of unicorn and potential unicorn clients in the emerging technology and consumer services sector.

Through our New Economy offering, we combine Customer Engagement, Customer Acquisition and Customer Experience into an integrated solution set that is focused on the high-growth technology, e-commerce and consumer services markets for new economy clients.

Each team is focused solely on penetrating and closing business with the top 40 companies in each vertical.

In addition, they will often partner with our client services executives who have an intimate understanding of our existing client’s business and needs, to actively identify and target additional cross-sell opportunities across the entire customer lifecycle.

Digital-First.

The digital-first team is focused on penetrating a broader reach of unicorn and potential unicorn clients in the emerging technology and consumer services sector.

Through our digital-first offering, we combine Customer Engagement, Customer Acquisition and Customer Experience into an integrated solution set that is focused on the high-growth technology, e-commerce and consumer services markets for digital-first clients.

The sales process for a new client can be short or lengthy depending on the client.

Generally, the sales process for our New Economy target clients is 30-60 days, while selling to larger blue-chip clients can range as long as 18 months.

Generally, the sales process for our digital-first target clients is 30 to 60 days, while selling to larger blue-chip clients can extend up to two years.

Client Services.

Our client services team is dedicated to maintaining and expanding our relationships with our existing clients and is made up of teams that are organized either around a single large client or around companies of clients that collectively provide scale to warrant the investment of client services overhead.

A majority of the senior leadership of the client services team is located in the United States and is supported by

local team members located closer to the actual service delivery, sometimes in other countries / regions.

A majority of the senior leadership of the client services team is located in the United States and is supported by local team members located closer to the actual service delivery, sometimes in other countries / regions.

The members of our client services team typically have deep operational experience as well as strong relationship-building and selling skills.

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As part of our highly engaged, or “leaned in” corporate culture, our client relationships are set up at multiple levels and layers, all the way from our Chief Executive Officer through the business heads of our organization.

The multi-layered nature of these relationships allows us to develop even stronger client engagements.

We believe the multi-layered nature of these relationships allows us to develop even stronger client engagements.

Marketing Efforts .

Our marketing efforts are focused on generating awareness of our offerings, establishing and promoting our brand, reaching and serving the CLX needs of key decision makers in our target verticals, and cultivating a community of successful and vocal customers.

We focus our marketing effort on demonstrating to our prospective clients our thought leadership in the CLX market, addressing the challenges facing companies across the full CLX lifecycle, and engaging business leaders who are seeking to leverage data, technology, analytics, and insights to drive competitive differentiation.

We focus our marketing effort on demonstrating to our prospective clients our thought leadership in the CLX market, addressing the challenges facing companies across the full customer lifecycle, and engaging business leaders who are seeking to leverage data, technology, analytics, and insights to drive competitive differentiation.

We take a targeted approach and work with enterprises across our target verticals:

retail, e-commerce, telecommunications, technology, cable / broadband, HealthTech, FinTech and utilities.

We engage with key decision makers outside of request for proposal (or “RFP”) cycles in the following key offices:

Retail & E-commerce, Telecommunication, Technology, Cable, HealthTech, FinTech and Utilities.

We engage with key decision makers outside of request for proposal cycles in the following key offices:

Chief Digital Officer, Chief Information Officer, Chief Experience Officer, Chief Customer Officer and the Chief Marketing Officer.

We also use various social media platforms such as LinkedIn and Facebook to promote our brand externally to target clients and internally to our employees and prospective employees, with the latter being a key component of our success in achieving award winning agent engagement.

The business process outsourcing (“BPO”) industry has a long track record of major consolidation.

Currently four major BPO companies are completing mergers, consolidating into two companies.

The BPO industry has a long track record of major consolidation.

We believe this creates opportunities for ibex, as these consolidations may lead buyers of BPO services to look for new providers for two key reasons.

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We expect providers with integrated offerings will command a larger share of wallet from their clients, drive a greater degree of insight and performance, and ultimately drive a longer term and mutually beneficial partnership.

Although we do not believe any single competitor currently offers a directly comparable end-to-end CLX solution, we believe our integrated platform faces competition from a variety of companies which operate in distinct segments of the customer lifecycle journey.

Although we do not believe any single competitor currently offers a directly comparable end-to-end CLX solution like ours, we believe our integrated platform faces competition from a variety of companies which operate in distinct segments of the customer lifecycle journey.

The client selection process typically considers scale, quality of the facilities, and strength of leadership and brand of the provider in the selected market.

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These in-house customer service departments continue to constitute the largest segment of customer lifecycle management expenditures.

We believe that the most significant competitive factor in the sale of outsourced customer engagement services is the ability of providers to act as partners to and extensions of clients’ brands, in an effort to deliver improved

customers experience and increased overall customer lifetime value (“LTV”).

Other important factors include maintaining high and consistent levels of service quality, tailored value-added service offerings, supported by advanced technological capabilities, industry and domain expertise, an understanding of the digital marketplace and modern consumer, sufficient diversified global delivery coverage, reliability, scalability, security and competitive pricing.

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We are focused on building deep relationships at multiple levels within our clients’ businesses.

Coupled with our ability to consistently perform at or above expectations, this has enabled us to expand the number of high value CLX solutions we provide for our clients.

Coupled with our consistently strong performance, this has enabled us to expand the number of high value CLX solutions we provide for our clients.

This approach, over time, has led to higher client retention rates.

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Our innovative and entrepreneurial culture is a key differentiator and gives us a competitive advantage in delivering high-quality solutions to clients around the globe.

WaveX technology solutions to drive performance and innovation – ibex WaveX is the hub of our technology development and innovation effort to drive value-added solutions for improved agent interactions, client CX, and overall performance.

WaveX is a platform that spans both the customer and agent lifecycle from customer acquisition, to engagement, to surveys and analytics.

Our proprietary technology, combined with our Wave Zero launch process enables us to accelerate “Speed to Green” for our clients and outperform our competition.

We have enhanced WaveX to leverage the power of generative artificial intelligence to assist our agents in delivering great customer experiences, to provide deeper and more meaningful insights in our analytics offering and provide machine-assisted interactions for the customers of our clients.

Wave iX technology solutions to drive performance and innovation – ibex Wave iX is the hub of our technology development and innovation effort to drive value-added solutions for improved agent interactions, client CX, and overall performance.

Wave iX is a platform that spans both the customer and agent lifecycle from customer acquisition, to engagement, to surveys and analytics.

Our proprietary technology, combined with our Wave Zero launch process helps us to accelerate “Speed to Green” for our clients and outperform our competition.

We have enhanced Wave iX to leverage the power of generative AI to assist our agents in delivering great customer experiences, to provide deeper and more meaningful insights in our analytics offering and provide machine-assisted interactions for the customers of our clients.

Best brand and employer in the markets we operate – Our goal is to be the best employer which helps create a virtuous cycle of the ability to attract and retain the best leadership and front-line agents.

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Our digital services also have significantly less agent attrition than traditional BPO programs.

Agent attrition is a key cost and performance component where low attrition drives higher margins and better performance for ibex and

Agent attrition is a key cost and performance component where low attrition drives higher margins and better performance for ibex and our clients.

Often these digital services are provided in our high-margin nearshore and offshore regions, contributing to their growth.

World-class global delivery with significant growth in nearshore and offshore regions – Our global delivery model is built on onshore, nearshore and offshore delivery centers, and includes our ability to also support work-at-home capabilities.

We seek to operate state-of-the-art “highly-branded” sites in labor markets that are under-penetrated in order to maintain our competitive advantage, retain our position in those labor markets as an employer of choice and deliver a highly scalable and cost-effective solution to our clients.

Leading global delivery with significant growth in nearshore and offshore regions – Our global delivery model is built on onshore, nearshore and offshore delivery centers, and includes our ability to also support work-at-home capabilities.

We seek to operate state-of-the-art “highly-branded” delivery centers in labor markets that are under-penetrated in order to maintain our competitive advantage, retain our position in those labor markets as an employer of choice and deliver a highly scalable and cost-effective solution to our clients.

Our delivery centers enable us to create a differentiated connection to our clients’ brands and their customers.

In addition, with a broad growing network of 31 delivery centers spread across multiple geographies, we provide much needed geographic diversity for our clients.

In particular, significant investments made in Jamaica, Honduras, and Nicaragua, enable us to offer untapped talent pools for high-quality service, proximity to home operations, competitive price points, and an existing brand affinity.

We have become the largest BPO employer in Jamaica and Nicaragua with over 5,700 and 2,900 employees, respectively.

In addition, we’ve become the largest provider and first mover in Bohol, Philippines, where we have over 2,300 employees.

We are also the largest BPO employer in Pakistan, which we believe is a truly disruptive market for the industry.

In addition, with a broad network of 29 delivery centers spread across

multiple geographies, we provide much needed geographic diversity for our clients.

In particular, significant investments made in Jamaica, Honduras, and Nicaragua help us to offer untapped talent pools for high-quality service, proximity to home operations, competitive price points, and an existing brand affinity.

We are the largest BPO employer in Pakistan, which we believe is a truly disruptive market for the industry.

Of our largest 25 clients, we service 20 of them across multiple regions creating great market diversification and business continuity.

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Risk Factors” for more information.

As of December 31, 2022, the last business day of our second fiscal quarter, the Company determined that we will no longer qualify as a foreign private issuer.

On December 31, 2022, we determined that we no longer met the criteria to remain a foreign private issuer.

Effective July 1, 2023, we are required to file periodic reports on U.S.

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GAAP”), with such change being applied retrospectively.

See “ Risk Factors – The transition from foreign private issuer to U.S.

domestic issuer status effective from July 1, 2023, will require us to comply with the U.S.

domestic reporting requirements under the Exchange Act and will result in significant additional compliance activity and likely increased costs and expenses.”

As a Bermuda company, we are also subject to regulation in Bermuda.

Among other things, we must comply with the provisions of the Companies Act regulating the declaration and payment of dividends and the making of distributions from contributed surplus, which generally prohibit dividends or distributions unless certain capital and liquidity standards are met.

Among other things, we must comply with the provisions of the Bermuda Companies Act 1981, as amended (the “Companies Act”) regulating the declaration and payment of dividends and the making of distributions from contributed surplus, which generally prohibit dividends or distributions unless certain capital and liquidity standards are met.

We are classified as a non-resident of Bermuda for exchange control purposes by the Bermuda Monetary Authority (“BMA”).

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As an exempted company, we may not, without a license granted by the Minister of Economic Development, participate in certain business transactions, including transactions involving Bermuda landholding rights and the carrying on of business of any kind, for which we are not licensed in Bermuda.

On December 31, 2018, the Bermuda government enacted the Substance Act, with effect from July 1, 2019 for existing Bermuda entities, requiring certain entities in Bermuda engaged in “relevant activities” to maintain a substantial economic presence in Bermuda and to satisfy economic substance requirements.

The list of “relevant activities” includes holding entities, and the legislation requires Bermuda companies engaging in a “relevant activity” to be locally managed and directed, to carry on core income generating activities in Bermuda, to maintain adequate physical presence in Bermuda, and to have an adequate level of local full time qualified employees and incur adequate operating expenditure in Bermuda.

On December 31, 2018, the Bermuda government enacted the Economic Substance Act 2018, and related regulations, as subsequently amended (the “Substance Act”) with effect from July 1, 2019 for existing Bermuda entities, requiring certain entities in Bermuda engaged in “relevant activities” to maintain a substantial economic presence in Bermuda and to satisfy economic substance requirements.

The list of “relevant activities” includes holding entities and financing and leasing (including intra-group lending), and the legislation requires Bermuda companies engaging in a “relevant activity” to be locally managed and directed, to carry on core income generating activities in Bermuda, to maintain adequate physical presence in Bermuda, and to have an adequate level of local full time qualified employees and incur adequate operating expenditure in Bermuda.

Under the Substance Act, any entity that must satisfy economic substance requirements but fails to do so could face automatic disclosure to competent authorities in the European Union of the information filed by the entity with the Bermuda Registrar of Companies in connection with the economic substance requirements and may also face financial penalties, restriction or regulation of its business activities or may be struck as a registered entity in Bermuda.

We continue to evaluate the Substance Act and its requirements, as well as its application to our business.

In 2016, the Bermuda Government enacted the Personal Information Protection Act 2016, as amended (“PIPA”).

At present, the majority of the operative provisions of PIPA, which include detailed requirements around conditions for use and consent to use of personal information, specific obligations on organizations that use personal information, overseas data transfer assessment obligations and access, rectification and erasure rights for individuals, are not yet in force in Bermuda.

In June 2023, the Bermuda Government and the Office of the Privacy Commissioner for Bermuda announced that the remaining operative provisions of PIPA will become fully implemented on January 1, 2025.

PIPA, once in force, applies to every organization (which includes any individual, entity or public authority) that uses personal information in Bermuda where that personal information is used by automated or other means which form, or are intended to form, part of a structured filing system.

For the purposes of PIPA, “personal information” means any information about an identified or identifiable individual (meaning a natural person), and “use” or “using” are very broadly defined and effectively include possessing or carrying out any operation on personal information.

We continue to evaluate PIPA and its requirements, as well as its application to our business.

See “ Risk Factors - Risks Related to Being Incorporated in Bermuda” for more information .

2 unchanged sentences

As our products are designed to assist business customers with customer support services, in the ordinary course of business, when providing its services, only a portion of the customer data that we use, collect, store, transmit, transfer and process constitutes personal data, personally identifiable information, personal information, or similar term (collectively herein “personal information”).

In the course of providing our services, we obtain personal information in the form of business contact information of our customers, suppliers, customers, prospects, and other persons.

We also obtain personal information from employees, contractors, applicants, whether current, former, or prospective and, as applicable, family members or designees.

We also may obtain personal information about our customers’ end users.

Certain personal information that we collect and/or process from any of these persons, including from our customers about their end users, may include information that is considered “special” or “sensitive” data under applicable law.

We are required to comply with local, state, federal, and foreign laws and regulations pertaining to the collection, storage, transmission, transferring, processing, and security of personal information.

Regulators around the globe, and in countries in which we operate, have promulgated and are continuing to adopt laws, implementing regulations, and guidance pertaining to the collection, storage, transmission, transferring, processing, and security of personal information.

In the course of providing our services, we may obtain personal information in the form of business contact information of our customers, suppliers, customers, prospects, and other persons, including our customers’ end users.

We also may obtain personal information from employees, contractors, applicants, whether current, former, or prospective and, as applicable, family members or designees.

Certain personal information that we collect and/or process from any of these persons may include information that is considered “special” or “sensitive” data, which may be subject to additional restrictions under applicable law.

In addition, we are also subject to certain self-regulatory standards that require companies that process certain types of personal information, like payment card data, to implement certain data security measures.

Regulators around the globe, and in countries in which we operate, have promulgated and are continuing to adopt laws, implement regulations, and issue guidance pertaining to the collection, storage, transmission, transferring, processing, and security of personal information.

The applicability of these laws, regulations, and guidance is continually evolving, sometimes uncertain, and in some circumstances, conflicting between and among jurisdictions.

1 unchanged sentence

Further, regulators are continuing to propose and adopt new laws designed to safeguard personal information and to provide additional rights to data subjects.

We anticipate that the volume and scope of such laws will increase, and, as a result, our costs and efforts to comply with such laws will increase.

We anticipate that the volume and scope of such laws will increase, and, as a result, our costs and efforts to comply with such laws will similarly increase.

It may be costly to implement security or other measures designed to comply with these laws.

12 unchanged sentences

We deploy a customer-centric, employee driven culture designed to enable our workforce to do their best work on behalf of our clients.

As of June 30, 2023, we had 29,863 employees.

We had approximately 30,000 full-time and total employees as of June 30, 2024.

We believe that we have one of the best cultures in the industry.

26 unchanged sentences

Julie Casteel 63 Chief Marketing and Strategic Accounts Officer

Jeffrey Cox 54 President, Digital

Bruce Dawson 60 Chief Sales and Client Services Officer

James Ferrato 68 Chief Information and Data Privacy Officer

Paul Inson 60 Chief People Officer

Our executive officers serve at the discretion of our board of directors.

Andreas Wilkens 52 Chief Technology Officer

Our executive officers serve at the discretion of the Company’s board of directors (the “Board”).

There is no family relationship between any executive officer or director.

The following information sets forth the business experience for at least the past five years for each of our executive officers.

Robert Dechant has served as our Chief Executive Officer since July 2019 and as a member of our board since January 2021.

Robert Dechant has served as our Chief Executive Officer since July 2019 and as a member of the Board since January 2021.

From September 2017 to July 2019, Mr.

5 unchanged sentences

Prior to that, Mr.

Dechant was the Chief Marketing and Operations Officer at Stream Global Services, a large multinational business process outsourcing provider which merged with Convergys in 2014.

Dechant was the Chief Sales and Marketing Officer at Stream Global Services, a large multinational business process outsourcing provider which merged with Convergys in 2014.

From 2006 to 2008, Mr.

Dechant was the EVP and General Manager of the public company 3 Com, an internet working company.

Dechant holds a B.S.

degree from Fairfield University.

Taylor Greenwald joined the Company as our Chief Financial Officer in August 2023.

Greenwald served as the Executive Vice President and Chief Financial Officer of Synchronoss Technologies, a software company, from 2021 to 2022.

Taylor Greenwald has served as our Chief Financial Officer since August 2023.

Greenwald served as the Executive Vice President and Chief Financial Officer of Synchronoss Technologies, a software company,

from 2021 to 2022.

From 2019 to 2021, Mr.

28 unchanged sentences

degree in Biology from Texas A&M University.

Jeffrey Cox has served as President of ibex Digital since 2008, when he founded Digital Globe Services Limited.

Cox has over twenty years of wireless and cable sales and operations experience and has held executive position in sales channel development and execution, on and off-line marketing programs and call center sales and operations for some of the world’s most recognized brands.

Cox holds a B.A.

degree from San Diego State University.

Bruce Dawson has served as our Chief Sales and Client Services Officer since 2017.

8 unchanged sentences

degree in psychology from Denison University.

James Ferrato has served as our Chief Information and Privacy Officer since December 2015.

From 2014 to 2015, Mr.

Ferrato served as the Chief Information Officer for Ipacesetters, LLC, a teleservices business process outsourcing company.

From 2011 to 2014, Mr.

Ferrato was the Chief Information Officer for Accent Marketing, a member of the MDC Partners Inc.

network and provider of multi-channel customer engagement solutions.

Ferrato served as the Chief Information Officer and Senior Vice President for Protocol Marketing, a marketing services company, from 2006 to 2011.

Ferrato holds a B.S.

in general business administration from the University of Rhode Island and an M.B.A.

from Boston University.

Paul Inson has served as our Chief People Officer since October 2016.

7 unchanged sentences

degree from the University of Michigan-Dearborn.

Andreas Wilkens joined the Company as our Chief Technology Officer in September 2024.

Wilkens served as the Head of Engineering for RetailNext, a retail analytics software company, from 2022 to 2024.

From 2018 to 2021, Mr.

Wilkens served as Vice President and Chief Architect at LivePerson, a conversational AI software company.

From 2016 to 2018, Mr.

Wilkens served as Chief Technology Officer of AdvantageTec, a customer engagement software company.

Wilkens studied electrical engineering at the Kiel University of Applied Sciences in Germany.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business