Key Findings & Highlights:

Atento provides customer experience services such as customer care, technical support, sales, retention, collections and credit management, back- office services, analytics, consulting, and marketing services over voice and  digital channels, as well as face-to-face. In June 2017, it launched a digital unit called Atento Digital to integrate its digital marketing tools, automatization frameworks for front and back-office customer management processes, multi-channel platforms, and analytics. In June 2017, Atento Digital made a minority investment in NLP provider Keepcon which has a proprietary linguistic methodology for marketing and customer support. It has offices in the U.S., Brazil, and Argentina, and ~40 clients.  

In October 2017, Atento signed a partnership with the Brazilian consulting management firm FALCONI, which provides process management consulting services with a focus on back-office outsourcing services, for clients in the banking and financial services sector. FALCONI has ~600 consultants and 30 years of experience, with ~6k projects in Brazil and the LATAM region. 

Atento has ~400 clients including U.S., European, and pan-LATAM telecoms, banks, insurance companies, retailers and e-commerce providers, media companies, CPG, food manufacturers and restaurant chains, consumer electronics OEMs, utilities and oil and gas corporations, and automotive brands.  

Atento's revenues for CY 2017 reached ~$1,921m (NelsonHall estimate) with ~9.3% y/y growth, following nine quarters of decline. The company continues to successfully diversify from Telefonica in all three reporting regions, with telecom now representing ~38% of its total business. Atento also increased its focus on higher value add solutions, diversification to nontelecom sectors such as financial services, and divesting of unprofitable business (such as the 2016 sale of its Moroccan operations servicing French markets, to Intelcia Group).

Atento has recently made two large acquisitions on the Brazilian market to expand its credit management and collection capabilities, making it the largest provider of credit origination BPO in Brazil, with ~4k employees: 

• Interfile, in June 2017: Interfile provides document management and analysis, credit origination, credit management, and support for banking and financial services clients in Brazil. It was founded in 1991 and has ~1.7k staff, 1.4k workstations, two delivery centers, and 28 offices 
• R Brasil Soluções, in September 2016: R Brasil Soluções was founded in 2007 in São Paulo and provides collections, collection analytics, credit recovery, auction monitoring, sale of recovered assets, and legal services. It has ~1k seats and 20 clients from the banking, telecom, and retail sectors such as Banco Itaú, Banco Santander, Banco BMG/Cifra Financeira, Nextel, Claro, TIM, Natura, Gafisa, and Unidas. 

The majority of Atento's revenue comes from LATAM, where it has 94% of its delivery stations and 85% of its business. The company is the largest CX services provider in the region, in terms of revenue and scale of operations.