This company wants to be your proverbial star when it comes to optimizing your business process. StarTek provides process management outsourcing, offering expertise in a variety of services such as customer care and technical support, e-commerce fulfillment, and provisioning management (across various platforms such as Web, voice, video, fax, and e-mail). Most of its top clients, including AT&T Mobility (which contributed about 58% of sales in 2011), reside in high-tech industries. Founded in 1987, the company operates through roughly 20 call centers in Canada, Central America, the US, and the Philippines.
Focused on expanding its international reach, in early 2010 StarTek launched a second office in the Philippines. It currently owns facilities located in the Makati business district and the Eton Cyberpod Corinthian business center. The company also launched an office in Costa Rica during 2010 in order to extend its Spanish speaking capabilities. In 2011 StarTek expanded its near-shore delivery platform by opening its first facility in Honduras.
StarTek's top two clients accounted for almost 80% of the company's 2011 total revenue: in addition to AT&T Mobility's 58%, T-Mobile added roughly 20% to StarTek's revenue stream. The loss of either client could severely damage StarTek's bottom line. Depending upon these clients also makes StarTek vulnerable to periods of consolidation, which the telecommunications industry is currently experiencing. StarTek has been forced to eliminate positions and close several facilities in 2010 and 2011 as a result of decreasing demand for its services. In order to reduce its dependency upon the telecommunications industry, the company plans to expand into other vertical markets which include the cable, health care, technology, and energy sectors.
In 2011 the company's revenue decreased to about $219 million (down from around $265 million in fiscal 2010) resulting in a net loss of roughly $26.5 million. The company blamed impairment and restructuring charges for the loss. Hoping to turn its fortunes around, the company hired former COO Chad Carlson as its new president and CEO in mid-2011.
Former chairman Emmet Stephenson Jr. and his family still own about 19% of StarTek. – less
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