TeleTech Sells Newgen Unit to Aspen

Teletech Holdings sold its Newgen Results Corp. subsidiary to Aspen Marketing Services in a multipart deal that could generate as much as $23.5 million for TeleTech, according to a filing yesterday with the U.S. Securities and Exchange Commission.

TeleTech (NASDAQ: TTEC) is a business process outsourcing firm based in Englewood, Colo. Newgen is a database marketing and consulting business specializing in auto dealerships and manufacturers.

Aspen will pay TeleTech $3.243 million in cash for all the assets and most of the liabilities of Newgen. It also will pay more than $2.2 million over the next 12 months to license the Identify! And Indentify! Plus software.

Finally, TeleTech will provide call center support to Aspen for three years, with each year generating as much as $6 million in revenues, according to the TeleTech investor relations department.

West Chicago, Ill.-based Aspen is a privately held marketing services agency. It reported the deal gives it relationships with more than 1,800 auto dealerships in the U.S. and Canada. It provides inbound and outbound call center, pre-recorded messaging, email, and direct mail services.

The deal was completed Sept. 28, according to a press release.