The ConJoin Group, an investment and turnaround firm targeting underperforming business process outsource services companies, has acquired information technology and business services outsourcer PHNS for $250 million.

ConJoin Group will drop its name and operate under the PHNS name. Richard Garnick, head of ConJoin, will serve as CEO of PHNS, but leaders Daniel Allison and Richard Kneipper will remain with PHNS.

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