Amazon's customer service department, but outsourced for other businesses.

Like ADP, but for customer service and sales instead of payroll and HR.

• Omnichannel Customer Engagement Services: Providing customer support, technical assistance, sales, and retention services across various communication channels like voice, chat, email, and social media.
• Digital Customer Experience (CX) Solutions: Delivering digital-first solutions including AI-powered tools, analytics, automation, and content moderation to enhance and optimize the digital customer journey.
• Back-Office Support: Managing essential non-customer-facing administrative tasks and data processing that support overall business operations.

IBEX primarily sells its customer lifecycle management (CLM) solutions and contact center services to other businesses (B2B).

According to its latest Form 10-K filing (for the fiscal year ended June 30, 2023), no single customer accounted for more than 10% of IBEX's revenue for the fiscal years ended June 30, 2023, 2022, and 2021. Therefore, specific "major customers" are not individually disclosed by name.

Instead, IBEX serves a diversified portfolio of clients across various industries. The primary categories of customers that IBEX serves include:

• Telecommunications: Providing support and engagement for telecom providers.
• Logistics & Delivery: Offering customer service for shipping, transportation, and delivery companies.
• Retail & E-commerce: Delivering customer experience solutions for online and brick-and-mortar retailers.

Other significant industries served by IBEX include Fintech, Utilities, Health & Wellness, Automotive, and Technology.

Robert Dechant, Chief Executive Officer

Robert Dechant joined IBEX as Chief Executive Officer in 2015, and under his leadership, the company underwent a "BPO 2.0" revolution, emphasizing technology-led solutions and strategic global expansions. He led IBEX's August 2020 IPO on Nasdaq. Prior to IBEX, Mr. Dechant was the Chief Sales, Marketing and Client Services Officer at Qualfon, a global business process outsourcing (BPO) provider. His early career included roles as Senior Vice President of Sales & Marketing at companies like Worldtek Travel Corp., 3com Corp., and Software Support, Inc. He also served as Executive Vice President, Sales and Marketing at Stream Global Services.

Taylor Greenwald, Chief Financial Officer

Taylor Greenwald was appointed Chief Financial Officer of IBEX in August 2023, where he oversees global financial operations. He brings over 20 years of experience in financial leadership roles at large global public organizations. Before joining IBEX, Mr. Greenwald was Executive Vice President and Chief Financial Officer at Synchronoss Technologies from 2021 to 2022. He also served as Senior Vice President Finance and Chief Financial Officer, Web Presence for Endurance International Group from 2019 to 2021. Earlier in his career, he spent 18 years with Convergys Corporation, holding various senior positions including Senior Vice President Finance, Controller, and Chief Accounting Officer. His expertise includes corporate development, acquisitions, and divestitures.

David Afdahl, Chief Operating Officer

David Afdahl has served as IBEX's Chief Operating Officer since 2018, responsible for global operations, performance management, and financial results. He joined IBEX in 2017 as the Vice President of Operations. Mr. Afdahl has over 23 years of operational leadership experience within the BPO industry, including seven years as Managing Director for Xerox Services, where he was responsible for global operations and client management.

Christy O'Connor, Chief Legal Officer & Assistant Secretary

Christy O'Connor has been IBEX's General Counsel and Assistant Corporate Secretary since March 2018. From 2015 to 2018, she worked at Alorica as the Chief Legal and Compliance Officer. Prior to that, she was the General Counsel and Chief Legal Officer at SourceHOV from 2014 to 2015, and Deputy General Counsel for Stream Global Services from 2011 to 2014.

Bruce Dawson, Chief Sales & Client Services Officer

Bruce Dawson has served as IBEX's Chief Sales and Client Services Officer since 2017, having held the same role for IBEX Global Solutions from 2016 to 2017. From 2014 to 2016, he was the U.S. nearshore regional director for Atento S.A. Mr. Dawson also held management positions at SITEL Corporation and Stream Global Services and has experience in the software and telecommunications sectors.

The key risks to IBEX's business operations include client concentration, rising labor costs coupled with rigid lease commitments, and cybersecurity and data privacy threats.

1. Client Concentration: IBEX relies heavily on a limited number of major clients for a significant portion of its revenue. This creates a substantial risk, as the loss of even one large client could lead to a material adverse effect on the company's financial performance and revenue generation. The company's dependence on a few key clients is highlighted as a "risk to watch."
2. Rising Labor Costs and Rigid Lease Commitments: IBEX faces pressure from increasing labor costs, which directly impact its profit margins. Additionally, the company is bound by long-term call center leases, typically ranging from three to five years, which represent fixed expenses that can further squeeze profitability in a challenging cost environment. This "cost squeeze" due to rising wages and rigid leases is identified as a factor contributing to thinner profits.
3. Cybersecurity and Data Privacy Risks: As a provider of customer engagement and business process outsourcing, IBEX handles sensitive client and customer data. The unauthorized or improper disclosure of personally identifiable information, whether accidental or through a cyber-attack, could lead to significant legal liabilities, reputational damage, and increased operational costs. The company's ability to comply with evolving data privacy laws and protect against cyber threats is crucial, particularly given a past security incident.

The clear emerging threat to IBEX is the rapid advancement and adoption of Artificial Intelligence (AI) and automation technologies, including large language models (LLMs), conversational AI, and robotic process automation (RPA).

These technologies are increasingly capable of handling complex customer interactions, performing back-office tasks, and providing self-service options that traditionally required human agents. This trend poses a direct threat to IBEX's core business model, which relies on providing outsourced human capital for customer engagement and business process solutions. As clients invest in and deploy AI-driven solutions, the demand for traditional human-centric BPO services is likely to diminish, potentially eroding IBEX's revenue streams and requiring a fundamental shift in its service offerings to remain competitive.

IBEX (symbol: IBEX) operates primarily in the Customer Experience (CX) outsourcing and Customer Engagement Solutions markets. Its services encompass digital and omnichannel customer experience, digital marketing and e-commerce, and digital CX surveys and analytics.

Addressable Market Sizes:

Customer Experience (CX) Outsourcing Services / Customer Experience Business Process Outsourcing (CX BPO)

• The global Customer Experience (CX) Outsourcing Services market was valued at approximately USD 78.92 billion in 2023 and is projected to reach USD 114.29 billion by 2032, growing at a CAGR of 4.2% from 2025-2032.
• Another estimate for the global CX outsourcing market indicates a size of USD 90.87 billion in 2022, expected to generate USD 173.68 billion by the end of 2029, expanding at a CAGR of approximately 10% during 2024-2029.
• The global customer experience business process outsourcing (CX BPO) market size was estimated at USD 102.03 billion in 2024 and is projected to reach USD 296.29 billion by 2033, growing at a CAGR of 12.8% from 2025 to 2033.
• The global customer experience business process outsourcing (CX BPO) market was valued at USD 103.60 billion in 2024 and is anticipated to expand at a CAGR of 11.6% from 2025–2034.
• North America led the customer experience BPO market share in 2024 and is a dominant region in the global CX outsourcing services market. Europe also leads the global CX outsourcing services market due to the high cost of in-house services in the region.

Customer Engagement Solutions / Customer Experience Management (CEM)

• The global customer engagement solutions market size was valued at USD 22.34 billion in 2024 and is projected to grow from USD 24.36 billion in 2025 to USD 48.51 billion by 2032, exhibiting a CAGR of 10.3% during the forecast period.
• Other estimates for the global customer engagement solutions market include a size of USD 29.39 billion in 2025, forecasted to reach around USD 78.96 billion by 2034, accelerating at a CAGR of 11.63% from 2025 to 2034. It was also estimated at USD 23.45 billion in 2023 and is projected to reach USD 50.03 billion by 2030, growing at a CAGR of 11.8% from 2024 to 2030.
• The global customer experience management market was estimated at USD 12.04 billion in 2023 and is projected to reach USD 32.87 billion by 2030, growing at a CAGR of 15.8% from 2024 to 2030. Another report states a valuation of USD 11.4 billion in 2023, projected to reach USD 20.4 billion by 2028, at a CAGR of 12.2%.
• In 2024, the global customer experience management market size accounted for USD 15.50 billion, grew to USD 17.86 billion in 2025, and is expected to be worth around USD 63.81 billion by 2034, registering a CAGR of 15.2% between 2024 and 2034.
• North America dominated the global customer engagement solutions market with a share of 40.73% in 2024. The North America customer experience management market size was valued at USD 5.20 billion in 2023 and is projected to grow at a CAGR of 14.6% from 2024 to 2030. The U.S. customer engagement solution market dominated the North American market in 2023 with a revenue share of 71.5%. North America is expected to reach a projected revenue of US$ 13.22 billion by 2030, with a CAGR of 14.3% from 2024 to 2030.
• The Europe customer experience management market generated a revenue of USD 3,025.1 million in 2023 and is expected to grow at a CAGR of 15.9% from 2024 to 2030, reaching a projected revenue of US$ 8,486.2 million by 2030. Another source estimates the Europe Customer Experience Management Market to grow from USD 2.44 billion in 2024 to USD 6.03 billion by 2035 at a CAGR of around 8.57%.

IBEX (NASDAQ: IBEX) is strategically positioned for future revenue growth over the next two to three years, driven by several key initiatives:

1. Expansion in High-Margin Geographies and Digital/Omnichannel Services: IBEX is actively expanding its footprint in higher-margin offshore and nearshore regions, with India specifically noted as a driver of offshore revenue growth. The company has also emphasized the increasing contribution of its digital and omnichannel services, which grew to 82% of total revenue in Q4 FY2025. This focus on high-margin regions and digital offerings is expected to continue boosting revenue.
2. Winning New Clients and Expanding Market Share with Existing Clients: A significant driver for IBEX is its ability to secure new client wins, including high-profile Fortune 50 and Fortune 500 companies. The company consistently reports a strong pipeline of new clients and has also shown success in increasing market share within its existing client base through exceptional operational delivery.
3. Strategic Investments in and Deployment of AI and Automation Capabilities: IBEX has transitioned its AI solutions from proof of concept to full-scale deployments, integrating AI agents with human agents to enhance customer experience. This aggressive push into AI, including investments in its WaveX tech stack, is highlighted as a core differentiator and is expected to become a significant growth vector for the company by the end of FY2026 and into FY2027.
4. Strong Performance Across Key Industry Verticals: IBEX has demonstrated robust growth in specific industry verticals, particularly retail and e-commerce (25% growth), HealthTech (19.5% growth), and travel, transportation, and logistics (15.4% growth) in Q1 FY2026. Furthermore, the FinTech vertical reached an inflection point in Q1 FY2026, returning to growth with a 3.4% increase and recent wins suggesting a positive trajectory.

Share Repurchases

• IBEX repurchased 91,658 shares for $2.7 million in Q1 FY2026 (quarter ended September 30, 2025).
• For fiscal year 2025 (ended June 30, 2025), approximately 3.9 million shares were repurchased for a total of $77.2 million, including 3.6 million shares from The Resource Group International Limited (TRGI) for $70 million.
• In fiscal year 2024 (ended June 30, 2024), the company repurchased 1,322,105 shares totaling $21.7 million. The board authorized a new share repurchase plan for up to $30 million over the next 12 months, as of May 9, 2024.

Share Issuance

• The company offers shares under various employee stock-based award plans.

Inbound Investments

• No significant large third-party inbound investments were specifically detailed with dollar amounts within the provided period.

Outbound Investments

• No significant strategic outbound investments in other companies were specifically detailed with dollar amounts within the provided period.

Capital Expenditures

• Capital expenditures for Q1 FY2026 (quarter ended September 30, 2025) were $7.6 million, reflecting ongoing investments in technology and infrastructure. For the full fiscal year 2026, capital expenditures are expected to be in the range of $20 million to $25 million.
• In fiscal year 2024 (ended June 30, 2024), capital expenditures were $8.9 million. Expected capital expenditures for fiscal year 2025 were $15 million to $20 million, with a focus on 40% for growth and 60% for maintenance of existing assets.
• Capital expenditures in fiscal year 2023 (ended June 30, 2023) were $19.0 million.