Foundever, world No. 3 in call centers industry, seemingly runs out of cash, according to S&P Global
Foundever, the world’s third-largest call center operator, saw its financial situation worsen in the second half of 2025, prompting S&P Global to downgrade its credit rating (see summary below). This comes amid dissatisfaction from several major former Sitel clients, who have expanded their provider panels. Creadev, the Mulliez family investment firm, remains the majority shareholder.
Delays in Canada
In Canada’s New Brunswick province, the BPO specialist was scheduled to replace the current provider, Maple, on April 1 for the eVisitNB virtual healthcare program. The transition has been postponed to July 1. Conservative MP Bill Hogan raised concerns about Foundever’s financial stability, selected from a tender process involving eleven companies. Maple’s contract has now been extended until June 30, 2026.
Credit Downgrade
S&P Global downgraded Foundever’s rating, warning of potential cash flow difficulties in 2026. “One week before Christmas 2025, S&P Global downgraded Foundever by two notches, from B- to CCC,” reported Radio Canada. Health Minister Dr. John Dornan sought to reassure about service continuity: “We have a credible, well-established company in the province for 28 years.”
However, he extended the eVisitNB contract by 90 days to cover April 1 to July 1, stating: “Foundever was supposed to take over on April 1 but is not ready to do so.”
On April 2, New Brunswick officially signed a two-year $12.9 million contract with Foundever Assistance Services Corp, formerly Sykes, which already operates the 811 telehealth service.
eVisitNB Virtual Healthcare
eVisitNB connects patients to general practitioners. One virtual consultation every 24 hours is offered to residents with a valid New Brunswick health card, fully covered under the provincial plan at no extra cost. The program has faced complaints regarding service in both English and French.
Telemedicine and virtual health services are a fast-growing global market, previously attracting BPO professionals. In 2020, Teleperformance acquired Health Advocate for $690 million. Earlier, Bernard Caïazzo, founder of Call Center Alliance (later CCA, now Konecta), had highlighted telehealth growth during its IPO.
BPO Market Challenges
After Teleperformance (TP) and Concentrix—the world’s top two BPO companies, whose stock prices fell fourfold—Foundever’s financial troubles highlight the impact of AI and investor skepticism in the BPO sector. Creadev, Foundever’s majority shareholder, did not respond to inquiries.
Global Operations and Reorganization
In France, Foundever’s subsidiary, led by Claire Calméjane, has been undergoing a major reorganization since summer 2025. Originally founded as Acticall by Laurent Uberti, Olivier Camino, and Arnaud de Lacoste, the company grew from market research for EDF to a global player after acquiring Sitel. Foundever employs around 150,000 people worldwide, with offices in the Philippines, Nicaragua, Plymouth, and Las Vegas. Its clients include Accor, SNCF Connect, Airbnb, and Capital One.
Customer Experience Challenges
In France, SNCF Connect and Edenred rely on Foundever. Requests for call recordings are sometimes refused, reflecting broader challenges in 2026: customer experience is often managed cheaply and inconsistently, while clients are continuously asked for feedback, the fate of which remains unclear.
Neglect and refusal to engage create critical bottlenecks in customer experience, impacting repeat business.
S&P Global Report Extract (Dec 18, 2025)
- Simulated default assumptions
- Simulated year of default: 2026
- EBITDA at emergence: ~$289 million
- EBITDA multiple: 5.5x
- Revolving credit facility: 96% drawn at default
Header image : Sitel offices in Managua © Edouard Jacquinet