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IBM and SYNNEX (News - Alert) have been doing some serious business lately. Tuesday marked not only an acquisition agreement between the two companies, but also the beginning of a new strategic partnership.

Starting with the acquisition, SYNNEX entered into a definitive agreement to purchase IBM’s (News - Alert) worldwide customer care business process outsourcing services division for $505 million, made up of about $430 million in cash and $75 million in stock. The acquisition is to be branded and fully integrated with SYNNEX’s subsidiary Concentrix.

Which brings us to the partnership aspect of the announcement: As part of the transaction, SYNNEX will enter into a multi-year agreement with IBM, while Concentrix will become an IBM strategic business partner for global customer care business process outsourcing services. Through this partnership, IBM and Concentrix plan to deliver high-value interactions at every stage of the customer care lifecycle through an “unrivaled approach.”

Indeed, Concentrix knows a thing or two about delivering quality customer service as the company was given a “Best Outsourcing Partnership” award last year, along with Cisco (News - Alert), due to its ability to continually deliver exceptional customer service and innovation. Through the acquisition of IBM’s customer care BPO services business, Concentrix has significantly expanded its global footprint across six continents to around 45,000 staff and over 50 delivery centers.

"We are very excited to bring together these two great teams, each recognized by their clients as leaders in providing outstanding and innovative solutions," said Kevin Murai, president and CEO of SYNNEX Corporation. "This acquisition will significantly extend our portfolio of offerings and delivery capabilities that will make Concentrix a global Top 10 player in this growing market."

Meanwhile, IBM says it still plans to invest in innovative solutions in the BPO services market, while continuing to focus on and invest in certain areas of its Global Process Services portfolio.