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[June 16, 2005]

Convergys to Acquire Finance & Accounting Outsourcing Business of Deloitte Consulting Outsourcing

CINCINNATI & NEW YORK --(Business Wire)-- June 16, 2005 -- Convergys Corporation (NYSE:CVG), a global leader in providing customer care, human resources, and billing services, and Deloitte Consulting Outsourcing LLC today announced a definitive agreement under which Convergys will acquire the Finance and Accounting (F&A) Business Process Outsourcing (BPO) business of Deloitte Consulting Outsourcing LLC, a subsidiary of Deloitte Consulting LLP.


Deloitte Consulting Outsourcing and Convergys expect to close on the transaction as soon as practicable. Financial terms are not being disclosed. The acquisition will be neutral to Convergys' 2005 earnings per share.

Based in Tulsa, Oklahoma, Deloitte Consulting Outsourcing's F&A BPO business was founded more than 10 years ago and provides finance and accounting outsourcing services to clients in multiple industries ranging from communications to retail to professional services. It provides business processing and technology services supporting clients' "order to cash," "procure to payment," financial reporting, reconciliations, budgeting, and treasury management functions. Deloitte Consulting Outsourcing provides these services from a shared service center in Tulsa and at client locations.

"This is a strong fit for Convergys, which continues to address the full service outsourcing needs of its clients by continually expanding its capabilities portfolio," said Katrina Menzigian, Vice President of Business Solutions and BPO services, IDC. "In today's highly competitive market, companies are finding outsourcing to be a strategically attractive alternative to internally operating certain business functions like human resource management, customer care, and finance and accounting. As a global outsource service provider, Convergys is addressing a growing trend to outsource finance and accounting functions so that companies can focus on their product or service delivery instead of this internal administrative operation."

"Given our strong, continuing outsourcing businesses, it was a difficult strategic decision to exit the F&A BPO market," said Robert C. Frazzini, Managing Director of Deloitte Consulting Outsourcing. "We believe, however, that the decision is in the best interests of our clients and our people, given Convergys' scale, world-class platform, and leadership in outsourcing."

"Like the HR BPO market where Convergys is already an established global leader, the finance and accounting BPO market is a fast-growing area of business process outsourcing. This acquisition is a strategic extension of Convergys' service offerings and will leverage Convergys' existing HR and customer care business processing expertise and experience, advanced technologies, global reach, and strong client relationships," said Steve Rolls, Executive Vice President, Global Customer Management and Employee Care for Convergys. "This acquisition provides proven F&A BPO expertise developed over the last 10 years by one of the leading financial services organizations. At the same time, it positions Convergys to expand our footprint to a whole new horizontal market and accelerate revenue growth in our customer management business."

About Convergys

Convergys Corporation (NYSE:CVG) is a global leader in providing customer care, human resources, and billing services. Convergys combines specialized knowledge and expertise with solid execution to deliver outsourced solutions, consulting services, and software support. Clients in more than 60 countries speaking nearly 30 languages depend on Convergys to manage the increasing complexity and cost of caring for customers and employees. Convergys serves the world's leading companies in many industries including communications, financial services, technology, and consumer products.

Convergys is a member of the S&P 500 and a Fortune Most Admired Company. Headquartered in Cincinnati, Ohio, Convergys has more than 66,000 employees in 67 customer contact centers, three data centers, and other facilities in the United States, Canada, Latin America, Europe, the Middle East, and Asia. For more information visit www.convergys.com

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms and their respective subsidiaries and affiliates. As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte", "Deloitte & Touche", "Deloitte Touche Tohmatsu" or other related names. Services are provided by the member firms or their subsidiaries or affiliates and not by the Deloitte Touche Tohmatsu Verein.

Deloitte & Touche USA LLP is the US member firm of Deloitte Touche Tohmatsu. In the U.S., services are provided by the subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, Deloitte Tax LLP and their subsidiaries), and not by Deloitte & Touche USA LLP.

Convergys and the Convergys logo are registered trademarks of Convergys Corporation.

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