Atento Overcomes Unpayable Debts, Invests in ‘Robocop employees’, and Expands in the U.S.
By Hugo Cilo
Posted on: 05/11/2025 in Brazil Economy
Dimitrius Oliveira: “AI is no longer a short-term threat. It has become a lever for transformation”
Atento, the multinational customer experience (CX) solutions company, enters 2025 speaking a different language. After a 2023 dominated by deep financial restructuring and a 2024 focused on stabilizing revenue and clients, the company—led globally by Brazil’s Dimitrius Oliveira—is launching a new three-year cycle centered on technology, efficiency, and selective expansion into higher-value markets and sectors. “Our goal now is profitable growth. If we need to reduce revenue to gain productivity and improve margins, we’ll do it,” said Oliveira in an exclusive interview with Brazil Economy.
The company’s turnaround was made possible by a financial “surgery” completed at the end of 2023. Facing a debt level considered unpayable for the sector’s cash generation profile, Atento opted for a reorganization under U.K. jurisdiction—an option that, according to Oliveira, provided both speed and coverage across the main countries where the group operates. (The company’s global headquarters are now in Luxembourg for tax reasons.) Of the $760 million in liabilities, $660 million was converted into equity. Leverage dropped to about $95 million, giving Atento room to resume growth plans. “It was a survival process that took 11 months of negotiations. Today, the company is financially lighter and ready to invest,” said the CEO.
Business normalization began in 2024. Atento managed to contain client churn caused by automation, process optimization, and redistribution of volumes among vendors—re-anchoring its major contracts. For 2025, the outlook points to slight growth over 2024, positive operating cash flow, and the beginning of what Oliveira calls the “hybrid shift”—a model combining people and technology. Within this concept, dubbed the “Robocop employee,” humans remain at the center but are equipped with innovations that will redefine operations by 2028. “We see potential to automate 25% to 30% of low-complexity transactions across the industry. The rest will remain human-led but supported by AI to gain speed and quality,” Oliveira explained.
Technology investment is embedded in the company’s 2025 plan. In AI solutions alone, Atento will invest $15 million, with that figure expected to rise in 2026. Additionally, 4%–5% of global revenue (currently $1.3 billion) is allocated annually to IT. The AI development and innovation hub, based in Brazil, was safeguarded during restructuring to maintain continuity. Its architecture integrates large language models (LLMs) from partners such as Microsoft, OpenAI, Google, Meta, and Amazon, with proprietary small language models (SLMs) and custom front-office applications. “In quality control, for example, 95% of workflows already operate with AI. People have become value consultants rather than transactional evaluators,” said Oliveira. Other applications include sales coaching for 2,500 agents serving a local client and automated internal voice support services.
Brazil remains Atento’s top market, accounting for 36% of total revenues and nearly 43,000 of its 92,000 global employees
The CEO, who joined Atento in 2018, previously led operations in Brazil and Latin America before taking over as global CEO three years ago. He carries another lesson that shapes today’s priorities: a major cyberattack in October 2021 that forced emergency action and $10 million in remediation spending within five weeks. “We changed standards, segmented networks, and increased monitoring and software coverage. Today, we’re practically a cybersecurity company,” Oliveira said. The incident was compounded by financial strain from a 2021 hedge linked to the Selic rate, which backfired as interest rates rose, becoming one of the triggers for the 2023 renegotiation. Atento’s workforce peaked at 120,000 globally but has since been right-sized to 92,000, about 43,000 of them in Brazil. The company now aims for stronger international traction. The U.S. is the top priority for nearshore growth, supported by operations in Guatemala, El Salvador, Costa Rica, Mexico, Colombia, and Peru. Atento also maintains sites in San Antonio (TX) and Miramar (FL), along with a smaller operation in the Philippines. “Cultural and time-zone proximity to Latin America gives us an advantage over the Philippines in many English-language operations,” said Oliveira, adding that the company is also structuring a multilingual offshore hub to serve Europe from lower-cost, flexible labor markets.
To sustain its English–Spanish expansion, Atento created an internal language school with 16 instructors and partnered externally to raise employees’ English proficiency from B1 to B2 and C1 levels, with TOEFL and Cambridge certifications. The company’s diversity strategy also includes hiring Spanish-speaking immigrants in Brazil to serve Latin American markets and U.S. Hispanic consumers. “We don’t expect a proportional headcount reduction from automation, because geographic and sector growth will offset it. The nature of roles, yes, is evolving,” Oliveira noted.
Telecommunications and financial services continue to lead Atento’s global portfolio, representing roughly 35% and just over 40% of business, respectively. The remaining 25%–30% includes healthcare, utilities, digital natives, airlines, and retail/marketplaces. Anchor clients include Vivo/Telefónica and Itaú in Brazil, and BBVA globally. In the U.S., the Federal Emergency Management Agency (FEMA) is among the key accounts. Looking ahead, Oliveira sees strong potential in healthcare, education, e-commerce/marketplaces, and, specifically in the U.S., the automotive sector. “These are large verticals with active M&A and many services still handled in-house. There’s real opportunity for skilled outsourcing,” he said.
Governance has also evolved. Atento completed its delisting from the NYSE in October 2023 and is now privately held. Six key investors—Amundi, Aquiline, Intrepid, Kite Lake, CPPIB, and Goldman Sachs—collectively own 93% of the company. The holding company is based in Luxembourg, where board meetings are held. “The board is mostly independent, with one representative elected by shareholders,” Oliveira said.
For 2025–2028, the strategic focus is on margin recovery. The goal: return to double-digit EBITDA through automation-driven efficiency, process redesign, and a more geographically balanced portfolio. “AI is no longer a short-term threat—it’s a lever for transformation. Our mission is to combine it with people, method, and execution discipline to deliver productivity to our clients and profitability to the company,” concluded Oliveira.
