Ibex Ltd (NASDAQ: IBEX) is a business process outsourcing (BPO) company that delivers customer engagement, customer acquisition, and customer experience technology solutions to clients across multiple industries. Revenue comes from service contracts under which Ibex operates agent-staffed delivery centers and provides technology-enabled CX platforms on behalf of client brands. The company serves two client categories: "digital-first" companies such as Amazon and a major U.S. ride-sharing platform, and large Fortune 500 brands in mature industries spanning Retail and E-commerce, HealthTech, Telecommunications, FinTech, Travel, Transportation and Logistics, and Technology verticals. As of June 30, 2025, Ibex operated 30 customer engagement delivery centers and employed approximately 33,000 people, with 97% of total on-site capacity in offshore and nearshore geographies. The proprietary Wave iX platform integrates generative AI across agent assistance, analytics, and customer acquisition workflows. Ibex uses a "land and expand" sales strategy, beginning with a single solution or geography and growing into multiple business lines per client.

Revenue model

Service contract revenue from operating outsourced customer engagement and customer acquisition programs on behalf of clients, priced on agent-handled interaction volumes with fixed costs spread across delivery center capacity. Technology solutions including Wave iX analytics are offered as add-on cloud-based services.

Products and services

Customer Engagement (agent-staffed delivery centers, voice and non-voice channels), Customer Acquisition (three Centers of Excellence in Jamaica, Pakistan, and Philippines as of June 30, 2025), Wave iX CX technology platform (generative AI-assisted agent tools, omni-channel speech analytics, customer acquisition technology, AI Virtual Agent, Wave iX Translate), and end-to-end customer lifecycle (CLX) solutions.

Customers and end markets

Two client segments: digital-first companies including Amazon and a leading U.S. ride-sharing company, and established Fortune 500 brands. End markets include Retail and E-commerce, HealthTech, Telecommunications, FinTech, Travel, Transportation and Logistics, and Technology. Some clients shifted work from onshore to offshore sites during fiscal year ended June 30, 2025 due to cost reduction focus.

Value-chain role

Outsourced operator of customer-facing contact center and acquisition functions for brand clients. Ibex sits between client brands and their end consumers, handling customer service, engagement, support, and acquisition on the client's behalf. Positioned as an extension of the client's brand rather than a back-office cost center.

Geographic exposure

Global delivery model with onshore (continental United States), nearshore (Nicaragua, Honduras, Jamaica), and offshore (Philippines, Pakistan, India) centers. As of June 30, 2025, 30 delivery centers operate across the United States, Philippines, Jamaica, Nicaragua, Pakistan, and Honduras, with 97% of on-site capacity in offshore and nearshore geographies. Work-at-home capability available in any region with internet access.

Source: SEC 10-K, filed 2025-09-11

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