Probe CX
Australian-founded BPO running call centers and back-office CX work for 600+ clients across ANZ and Asia.
On the record
Checkpoint: KKR's hold period (bought 2022) nears the typical 4-7 year exit window
The call
Probe CX keeps its client base for now through contracts and local ties, but its core product is exactly what AI agents are built to replace.
Probe CX runs a call center and chat support business for companies across Australia and New Zealand, employing thousands of workers who answer customer calls and messages. The work is extremely easy to replace because AI voice systems are already doing it well: companies like Klarna have cut their customer service headcount by thousands using AI, and new AI tools from startups and big tech firms are getting better every month. The one thing that could turn this around is if Probe's internal AI tool called Oration becomes a real product that other companies want to buy and use, bringing in its own revenue stream. Right now it is just an internal tool, so if that never happens, the company's profits will likely get squeezed as AI takes over more of the work its employees do.
Why
01
AI pressure: AI voice/chat agents (Sierra, Decagon, Parloa, OpenAI Realtime-based agents). AI agents now handle first-line calls and chats directly, the exact work Probe CX bills by the seat-hour. Could AI do the core job? Yes, likely.
02
Bigger players: Teleperformance, Concentrix, TTEC. Bigger, better-funded rivals already sell AI-enabled CX in the same ANZ and APAC accounts Probe CX serves. Could a giant copy it? Yes, easily.
03
What protects it. Long government and enterprise contracts in ANZ plus local relationships that are slow for clients to rebid.
What would change this call
Convai/Oration announces external clients with disclosed ARR outside Probe's own operations. Would show the AI-orchestration pivot is real, not just internal tooling.
A major ANZ client publicly moves customer service to an AI-native platform like Sierra or Decagon instead of renewing with Probe. Would confirm direct customer loss to AI-first competitors.
KKR announces a sale process, IPO filing, or refinancing for Probe CX within the next 1-3 years. Would show whether the PE exit occurs at a strong or compressed valuation.
A major ANZ client publicly moves customer service to an AI-native platform like Sierra or Decagon instead of renewing with Probe. Would confirm direct customer loss to AI-first competitors.
KKR announces a sale process, IPO filing, or refinancing for Probe CX within the next 1-3 years. Would show whether the PE exit occurs at a strong or compressed valuation.
Key numbers
- A$695.3M FY25 revenue
- 17,252 to 19,500+ employees group-wide
- 600+ clients at 2021 KKR deal
Named risks
- Core revenue model (human agent voice/chat labor) is the most AI exposed workflow category in the industry.
- No proven external client facing AI product; Convai/Oration remains largely internal as of mid-2026.
- KKR's 2021 investment nears typical 4-7 year PE hold window, raising exit or refinancing uncertainty within 1-3 years.
- Conflicting public reporting on CEO identity (Andrew Hume vs Sanj Ahuja) signals unclear governance.
- Larger, better capitalized global BPO incumbents (Teleperformance, Concentrix) can outbid for same ANZ/APAC contracts.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Teleperformance | losing to | 440,000+ staff globally versus Probe CX's under 20,000, per May 2026 industry report |
| Concentrix | losing to | ~290,000 employees and $5.3B revenue dwarf Probe CX's ~A$695M FY25 revenue |
| Sierra, Decagon, Parloa (AI native CX platforms) | losing to | AI voice and chat agents directly target Probe CX's core seat hour revenue as of 2026 |
| TTEC | contesting | ~61,000 employees, $2.1B revenue, operates in overlapping APAC/ANZ outsourcing markets |
| Merchants, Grupo Konecta, Atento, transcosmos | contesting | Cited as direct peers in ANZ/APAC BPO/CX space by CB Insights and PitchBook, 2026 |
Questions people ask
- Is Probe CX profitable?
- Probe CX has not disclosed profit figures publicly. IBISWorld estimates FY2025 revenue at A$695.3 million with 17,252 employees, but this is a third party estimate, not an audited company filing, and no net income data is available as of December 2025.
- Could AI replace Probe CX's workforce?
- Probe CX's core business is human agent voice and chat support, the most AI exposed labor category. The company itself automated candidate screening with its AVA tool in November 2025, claiming a 60 percent efficiency gain, showing AI already displacing internal roles at Probe CX.
- Who owns Probe CX?
- KKR agreed to acquire a majority stake in Probe CX in September 2021 via its Asian Fund IV, buying out Quadrant Private Equity, Five V Capital, and founder Rodney Kagan; the deal closed in 2022 and KKR remains majority owner as of mid-2026.
- Who is Probe CX's biggest competitor?
- Global BPO giants Teleperformance (440,000plus staff) and Concentrix (about 290,000 employees, $5.3B revenue) operate in the same APAC and ANZ markets as Probe CX and are not structurally barred from bidding on its accounts, per a May 2026 industry trade report.
- What is Probe CX's AI strategy?
- Probe CX built AVA, an AI recruitment screening agent, on its affiliated Convai company's Oration platform, launched November 2025, claiming a 60 percent efficiency gain and over 16,600 candidate calls processed by mid-2026, per company statements; no external client facing AI product P&L has been disclosed.
- Has Probe CX lost any major clients to AI competitors?
- No named client losses to AI native platforms have been reported as of July 2026. Probe CX instead won a joint ISG Partnership of the Year award in May 2026 with Convai and Victoria's Department of Transport and Planning for an AI and human blended deployment.
Timeline
- 2026-06-28Probe Group wins 2026 ISG Partnership of the Year Award with Convai and Victoria transport department
- 2026-05-24Convai vendor claims its Oration platform passed 100 million conversations
- 2026-05-12MicroSourcing and Beepo consolidated under single CEO Haidee Enriquez under Probe Group
- 2025-12-11Probe CX press release states over 18,000 staff and more than 600 clients
- 2025-11Probe CX launches AVA AI recruitment screening agent built on Convai's Oration platform
- 2025-09-07Frost & Sullivan names Probe Group Frost Radar CX Leader for APAC, citing over 19,500 employees
- 2025-06Rowena Powell and Peter Eliopoulos appointed as Chief Growth Officers for Government and Enterprise
- 2025-01Probe CX opens new Recruitment Hub in the Philippines
- 2021-09-30KKR agrees to acquire majority stake in Probe CX via Asian Fund IV
- 1979Probe CX founded by Rodney Kagan
Revision history
24 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- KKR to acquire Probe CX (2025-12-11)
- KKR to Acquire Probe CX (2021-09-30)
- KKR to Acquire Probe CX
- CX Holdco Pty Limited - Company Profile Report (2021-09-06)
- Business Services Growth Company (2026-05-26)
- Frost & Sullivan names Probe Group Frost Radar CX Leader (2025-09-07)
- Airline exceeds sales conversion targets 21 months running (2026-06-15)
- Who We Are
- Probe CX - Headcount, Funding & Open Jobs (2026-06-23)
- New AI recruitment tool delivers 60% efficiency gain (2026-06-15)
- Peter Eliopoulos joins Probe CX as Chief Growth Officer (2026-06-15)
- Probe Group wins 2026 ISG Partnership of the Year Award (2026-06-28)