What changed in this filing

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Item 1. Business

2025-09-11 compared with 2024-09-12 · 101 added, 78 removed, 336 unchanged (35% of the section changed)

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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.

We combine our strong heritage of delivering leading customer experience (“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 140 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.

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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.

Ibex offers a unique employee experience that includes a full range of activities and events for employees year-round, including annual employee VIP events, ibex Idol global talent competition, ibex Sirens beauty pageant celebrating LGBTQIA+ employees, Customer Service Week and ongoing employee wellness programs.

Ibex offers a unique employee experience that includes a full range of activities and events for employees year-round, including annual employee VIP events, Customer Service Week and ongoing employee wellness programs.

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:

• 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

• 2025 Forbes America’s Best Large Employers

• 2025 Newsweek’s America’s Most Admired Workplaces

• 2025 North American Inspiring Workplaces – Inspiring Workplaces Group

• 2025 Globee Award for Technology in AI-Driven Customer Experience

• 2025 Leader in Frost & Sullivan Radar for Customer Experience Management in N.

America and Latin America

• 2025 Gold Stevie Award for Achievement in Technology Innovation

• 2025 Product of the Year for Wave iX Translate and AI Virtual Agent – CUSTOMER Magazine

• 2025 Titan Award – Achievement in Technology Innovation

• 2025 Contact Center Partner of the Year – Philippine Airlines

• 2024 Best Place to Work in Nicaragua – Great Place to Work

• Best Place to Work for Women in Central America and Caribbean 2021 & 2022 – Great Place to Work

• 2024 America’s Best Employers for Tech Workers – Forbes

• 2024 Customer Experience Innovation Award – CUSTOMER Magazine

• 2024 Globee Award for Customer Excellence

• 2024 Contact Center Technology Award – CUSTOMER Magazine

• 2024 Stevie Award for Technology Excellence

• 2024 Gold Globee Winner at the Golden Bridge Awards

• 2024 Netty Award for Tech – Best CX Innovation

• 2024 Generative AI Product of the Year Award – TMC and Generative AI Expo

Our Technology

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

The foundation for ibex service offerings is our Wave iX technology platform, the current 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.

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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.

These solutions have been deployed across the majority of 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 with internet access.

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

We operate in the following geographies for our service offerings:

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

We operate three acquisition-focused Centers of Excellence, based in Jamaica, Pakistan, and Philippines, which are focused on customer acquisition on behalf of our clients.

As of June 30, 2025, there were approximately 200 employees dedicated to customer acquisition.

Customer Experience Technology Solutions

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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, 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.

As of June 30, 2025, 97% of our total on-site capacity resides in our high-growth, high margin offshore and nearshore geographies, which are ideally placed for clients who are either digital-first or 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 place a high priority on delivering great customer experiences across the customer lifecycle and focus on clients who view CX as a competitive differentiator.

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

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They require partners that can enhance their brand and customer loyalty.

Key attributes include tech-led solutions, a highly connected culture and superior level of employee engagement, elevated branding, and a fast and effective path to operational proficiency.

Key attributes include tech-led solutions, a highly connected culture, superior levels of employee engagement, elevated branding, and a fast and effective path to operational proficiency.

Our approach focuses on high growth clients that are experiencing increased demand for their products and services.

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These target clients are looking for partners that can deliver a digital-first experience to their customers, while enhancing their brand and customer loyalty at scale.

We call this BPO 2.0, and believe ibex is at the forefront of delivering these differentiated solutions at scale across our geographies.

We call this BPO 2.0, and believe ibex is at the forefront of delivering these differentiated solutions.

Our growth strategy is predicated on four growth pillars:

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our strong track record of delivering best-in-class operations ;

a high-performing company culture that breeds expertise and real-world knowledge amongst a very talented employee base and

a customer-devoted mentality that breeds loyalty and long-term relationships.

a high-performing company culture that breeds expertise and real-world knowledge amongst a very talented employee base;

a client-devoted mentality that breeds loyalty and long-term relationships.

This loyalty is evidenced by the extended relationships we have with our customers.

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Typically, we will launch in one center with one service, such as customer engagement.

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

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

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.

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Digital-First Companies.

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

The first category of our 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.

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.

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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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.

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

Our contracts with clients generally take the form of a master services agreement, which is a framework agreement that is then supplemented by one or more statements of work.

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Historically, the industry was premised on labor arbitrage and cost.

Offshoring of work to markets like India and the Philippines was driven primarily by the cost advantages those markets provided.

Offshoring of work to geographies like India and the Philippines was driven primarily by the cost advantages those markets provided.

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

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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, leveraging emerging technologies.

As a result, they are often moving away from their incumbent legacy and moving to 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.

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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.

A 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.

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.

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 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.

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

The proliferation and evolution of generative AI has had many impacts on the CX sector.

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

Additionally, productivity, data availability and quality due to generative AI could result in an increased volume of analytical 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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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.

having an advanced and secure system architecture along with data center redundancy and advanced security technologies remain important, as a significant 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.

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

Most of these companies source their customer interaction needs from lower-cost locations outside their home markets.

Most of these companies source their customer interaction needs from lower-cost locations outside of their home markets.

Sales and Marketing

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

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

Retail & E-commerce, HealthTech, FinTech, Technology, Travel, Transportation & Logistics, Cable, Utilities and Telecommunications.

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.

An essential part of our sales strategy is to focus on ways we can innovate on behalf of our clients, which includes digitization strategies and usage of data, technology, analytics and insights.

We are well positioned with the top brands in each of the industry verticals in which we operate and can leverage domain knowledge and strong client references to generate business with other companies in the same industry vertical.

We believe we are well positioned with the top brands in each of the industry verticals in which we operate and can leverage domain knowledge and strong client references to generate business with other companies in the same industry vertical.

Our sales and marketing teams are leading the charge at the following initiatives.

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 companies in each vertical.

Each team is focused solely on penetrating and closing business with the top 40 companies in each of our target verticals.

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.

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

Often our client services team for an account has a team member located close to the client’s premises in the United States as well as a member that is located close to where the delivery takes place, which is now increasingly in offshore and nearshore locations.

Most of the new opportunities created within the embedded base of existing clients are led by the senior leadership of the client services team and follow the same general sales process as the new logo team.

Often our client services team for an account has a team member located close to the client’s premises in the United States as well as a member that is located close to where the delivery takes

place, which is now increasingly in offshore and nearshore locations.

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.

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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 customer lifecycle, and engaging business leaders who are seeking to leverage data, technology, analytics, and insights to drive competitive differentiation.

We focus our marketing efforts 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:

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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.

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

One, the consolidation may lead buyers to be over-concentrated in spend with a single vendor, pushing them to look for new providers.

Two, the homogenization of vendors creates greater opportunity for offering differentiated services.

Two, the homogenization of vendors creates greater opportunity for us to offer differentiated services.

The BPO markets in which we compete are highly fragmented.

We believe this creates significant opportunity for a broad and differentiated provider like us as clients are increasingly looking to utilize outsourcing partners who can provide unified solutions for a variety of touchpoints along the customer interaction value chain, from customer sales and support to digital marketing, CX, and surveys.

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.

We expect BPO providers with integrated offerings will command a larger share of spend 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 like ours, we believe our integrated platform faces competition from a variety of companies which operate in distinct segments of the customer lifecycle journey.

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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 customer experiences and increased overall customer 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.

Changes in geographic strategy, where a client is looking to move business from onshore to offshore or nearshore, or balance their workload between nearshore and offshore, often create opportunities for outsourced customer interaction providers.

modern consumer, sufficient diversified global delivery coverage, reliability, scalability, security and competitive pricing.

Changes in a client’s geographic strategy, where the client is looking to move its outsourced CX from onshore to offshore or nearshore, or balance its workload between nearshore and offshore, often create opportunities for outsourced customer interaction providers.

Our geographic growth with clients is a key part of our overall growth strategy.

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As evidenced by the quality and quantity of our new customer wins, growth and market share with these clients and our track record of amazing customer retention, we believe we have clearly established ourselves as a CX leader in today’s digital economy.

Our vertical industry expertise high-growth areas, including Retail and E-commerce, Travel, Transportation & Logistics, HealthTech, and FinTech, allows us to adapt our services and solutions for clients, further embedding us into their customer engagement lifecycle while delivering impactful business results.

Our vertical industry in expertise high-growth areas, including Retail and E-commerce, Travel, Transportation & Logistics, HealthTech, and FinTech, allows us to adapt our services and solutions for clients, further embedding us into their customer engagement lifecycle while delivering impactful business results.

We do this through leveraging our key competitive strengths:

Differentiated as a nimble, disruptive provider – Companies continue to seek disruptive partners that are fast and flexible.

Differentiation as a nimble, disruptive provider – Companies continue to seek disruptive BPO partners that are fast and flexible.

We believe that we have a distinct organizational culture that embraces technological disruption and is characterized by innovation, speed and structural nimbleness.

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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.

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

Importantly, we have enhanced Wave iX to leverage the power of generative AI both internally and in client-facing engagements.

Inside ibex, we utilize generative AI within our Wave iX product set 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.

Our early adoption and offerings of client-facing AI solutions today include Wave iX AI Virtual Agent and Wave iX Translate.

Wave iX Virual Agent is a sophisticated AI solution for seamless and scalable automated customer and brand interactions via AI-driven voice and text conversations customized to align with a brand's persona and business needs.

This Virtual Agent handles routine inquiries autonomously and features a smooth escalation process to human agents for more complex issues.

It offers true omnichannel and multilanguage support, enabling businesses to communicate with customers across any platform in their preferred language.

Wave iX Translate is an AI-powered solution which facilitates real-time, two-way conversation in over 150 languages, for both agents and customers.

It translates spoken or typed language in real-time, improving communication and enabling CX organizations to better serve customers effectively and efficiently.

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.

This in turn creates great performance that drives growth and expansion and expanded career opportunities for our personnel.

The result is not only being recognized by the Great Places to Work and Great Places to Work for Women awards, but also by scoring at industry leading scores for eNPS in markets like Jamaica, Nicaragua, and Bohol, Philippines.

Broad set of full lifecycle digital services –The services we provide for our clients include three key services – Digital & Omni-Channel Customer Experience (ibex Connect), Digital Marketing and E-Commerce (ibex Digital) and Digital CX surveys and analytics (ibex CX).

This contrasts to many of our traditional competitors that are focused solely on contact center services.

The result is not only being recognized by the Great Places to Work and Great

Places to Work for Women awards, but also by scoring at industry leading scores for eNPS in markets like Jamaica, Nicaragua, and Bohol, Philippines.

Greater employee satisfaction also leads to significantly less 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 our clients.

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 our clients.

Broad set of full lifecycle digital services –The services we provide for our clients include three key service areas – Digital & Omni-Channel Customer Experience (ibex Connect), Digital Marketing and E-Commerce (ibex Digital) and Digital CX surveys and analytics (ibex CX).

This contrasts to many of our traditional competitors that are focused solely on contact center services.

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

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

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

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

In addition, with a broad network of 30 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.

Of our largest 25 clients, we service more than 80% of them across multiple regions creating great market diversification and business continuity.

We also believe that providing services for our clients across multiple regions promotes a trusted relationship with our clients and is consistent with our “land and expand” client strategy.

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and/or other countries for our brand and our technology.

The duration of trademark and service mark registrations varies from country to country but may generally be renewed indefinitely as long as the marks are in use and their registrations are properly maintained.

The duration of trademark and service mark registrations varies from country

to country but may generally be renewed indefinitely as long as the marks are in use and their registrations are properly maintained.

We also have common law rights to certain trademarks and service marks.

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Risk Factors” for more information.

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.

domestic filer forms with the SEC and to comply with other rules as required, including but not limited to presenting this Form 10-K in accordance with accounting principles generally accepted in the United States (“U.S.

GAAP”), with such change being applied retrospectively.

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

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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.

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, were fully implemented on January 1, 2025.

PIPA 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.

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

Although certain of these laws are not applicable to business contact information or employee data, these laws still remain pertinent to our operations.

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

Although certain of these laws are not applicable to business contact information or employee data in all circumstances, we strive to treat such data with care and comply with applicable requirements.

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 similarly increase.

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

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

We had approximately 33,000 and 30,000 full-time and total employees as of June 30, 2025 and 2024, respectively.

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

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Andreas Wilkens 53 Chief Technology Officer

Michael Darwal 42 Deputy CFO, President ibex Digital

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

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From 2006 to 2008, Mr.

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

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

Dechant holds a B.S.

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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.

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.

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degree in Anthropology from the University of Maryland.

Julie Casteel has served as our Chief Sales & Marketing Officer since 2012 and is responsible for expanding new and existing clients.

Julie Casteel has served as our Chief Marketing and Strategic Accounts Officer since 2012 and is responsible for expanding new and existing clients.

She currently leads the strategy for growth and profitability for Ibex’s largest global clients and is also responsible for the strategic development of the financial services and healthcare vertical markets.

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degree from the University of Michigan-Dearborn.

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

Andreas Wilkens has served as our Chief Technology Officer since September 2024.

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

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

Michael Darwal has served as our Deputy CFO and President of ibex Digital since July 2025.

From September 2022 to July 2025, Mr.

Darwal served as Deputy CFO and EVP of Investor Relations.

From 2013 until September 2022, Mr.

Darwal served as the Chief Digital Officer of ibex Digital and its predecessor company, Digital Globe Services.

For the decade prior to joining Digital Globe Services, Mr.

Darwal held leadership roles in finance, operations, and innovation at an early Facebook marketing agency, Ampush Media, as well as public companies, Del Monte Foods and Progressive Insurance.

Darwal holds a B.S.B.A.

in Accounting and Information Systems from The Ohio State University.

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