Exhibit 99.1

FOR IMMEDIATE RELEASE:

STREAM GLOBAL SERVICES ANNOUNCES

FINANCIAL RESULTS FOR FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2011

BOSTON, MA – February 29, 2012 – Stream Global Services, Inc., (NYSE AMEX: SGS), a leading global business process outsource (BPO) service provider specializing in customer relationship management including technical support and sales programs for Fortune 1000 companies, today announced consolidated financial results for the three months and year ended December 31, 2011. On February 29, 2012 Stream also filed its Annual Report on Form 10-K with the Securities and Exchange Commission for the fiscal year ended December 31, 2011.

CEO Commentary

Kathryn Marinello, Chairman and Chief Executive Officer of Stream, said, “We are very pleased to report record Net Income and record Adjusted EBITDA for the fourth quarter. Execution of our strategy that we initiated over a year ago yielded the intended results – net income of $4 million and a 32% growth in Adjusted EBITDA over the same quarter for the prior year. Further, for the year, we saw strong demand for our services as demonstrated by our 6% growth in year-over-year in revenue.”

“Our strategy was to significantly invest in our business – our people and our infrastructure – with the expectation that we would see a return on this investment. We invested $20 million more in capital expenditures this year and spent $5 million more on agent incentives. We measure our clients’ and employees’ satisfaction levels and we are very pleased that during 2011, our client satisfaction scores increased 20% over the prior year and our agent survey results show a similar marked increase in satisfaction with Stream Global Services.”

Fourth Quarter 2011 Financial Highlights

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Full Year 2011 Financial Highlights

Americas Region

Revenue generated from our Americas region, which includes the United States, Canada, the Philippines, India, Costa Rica, Nicaragua, the Dominican Republic, El Salvador and China, was $160 million and $609 million for the three months and year ended December 31, 2011 compared $163 million and $588 million for the same periods in 2010, respectively.

Gross profit generated by the Americas region was $72 million and $267 million for the three months and year ended December 31, 2011 compared to $67 million and $248 million for the same periods in 2010, respectively. The gross margin percentage for the three months and year ended December 31, 2011 was 45% and 44% and was 41% and 42% for the same periods in 2010, respectively.

EMEA Region

Revenue generated from our EMEA region, which includes Europe, the Middle East and Africa, for the three months and year ended December 31, 2011 was $60 million and $238 million, respectively compared to $60 million and $212 million for the same periods in 2010, respectively.

Gross profit generated by the EMEA region for the three months and year ended December 31, 2011 was $23 million and $85 million, with a gross margin of 39% and 36%, respectively compared to $22 million and $80 million with a gross margin percentage of 37% and 38%, respectively, for the same periods in 2010.

Selling, General and Administrative Expense

Selling, general and administrative expenses, which includes non-agent service center costs, was $64 million or 29% of revenue during the three months ended December 31, 2011 and $67 million or 30% of revenue during the same period in 2010. This percentage decrease is a result of management focus on cost efficiency, including the impact of reductions in our workforce earlier in 2011.

Liquidity and Capital Resources

At December 31, 2011, cash and cash equivalents was $25 million, up from $18 million at December 31, 2010. The balance on the revolving line of credit was $45 million at December 31, 2011 and reflects the cash outlay of approximately $14 million for repurchases of our common stock during 2011. At December 31, 2011, the company had in excess of $50 million of availability which could be drawn under its revolving line of credit.

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Facilities

During 2011 we materially increased our capital expenditures to $51 million from $31 million in 2010. We did this to update our centers and infrastructure to better service our clients and employees. At the same time, we also reviewed our global footprint with a view to maximize its potential to service our clients and, in this regard, we opened a new center in China and ceased operations in South Africa. We also actively renegotiated several leases and as a result recorded a reduction of $1.4 million to our asset retirement obligations during the fourth quarter of 2011. As a result, during the fourth quarter, we reversed into income $1.4 million of asset retirement obligations on fully depreciated sites where the lessors amended the leases to remove the obligation to restore the sites.

Stream will hold a conference call for investors on March 1, 2012 at 8:30 AM EDT. Investors can participate by calling 1-800-230-1074 or 1-612-234-9959 (for callers outside the US).

Contact Information:

Heidi Ulin

Executive Assistant

Heidi.Ulin@stream.com

1-952-698-1057

About Stream Global Services:

Stream Global Services is a leading global business process outsource (BPO) service provider specializing in customer relationship management services including sales, customer care and technical support for Fortune 1000 companies. Stream is a trusted partner to some of the world’s leading technology, computing, telecommunications, retail, entertainment/media, and financial services companies. Stream’s service programs are delivered through a set of standardized best practices and sophisticated technologies by a highly skilled multilingual workforce of over 31,000 employees capable of supporting over 35 languages across 49 locations in 22 countries. Stream strives to expand its global presence and service offerings to increase revenue, improve operational efficiencies and drive brand loyalty for its clients. To learn more about the company and its complete service offering, please visit www.stream.com.

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Safe Harbor

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including forward-looking statements concerning expectations regarding future operating performance and economic and market conditions. The forward looking statements made are neither promises nor guarantees, and are subject to risk and uncertainties that could cause our actual results to differ materially from those anticipated or indicated, including, without limitation, risks and uncertainties relating to our current operation in, as well as entry into, new markets; changes in general economic and business conditions; fluctuations in foreign currency rates; fluctuations in sales volume, timing and sales cycles; our ability to retain our employees in light of competition for agents; our ability to make payments required under our outstanding indebtedness; delays in obtaining new clients or sales from existing clients; delays or interruptions of service as a result of power loss, fire, natural disasters, security breaches, civil unrest or political upheaval, and other similar events; litigation; intense competition in the marketplace from competitors; future acquisitions, joint ventures or other strategic investments; and our ability to obtain necessary financing in the future plus other risks detailed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

Stream does not intend, and disclaims any obligation, to update any forward-looking information contained in this release, even if its estimates change.

The required reconciliations and other disclosures for all non-GAAP measures used by the Company are set forth in a schedule attached to this press release and in the Current Report on Form 8-K furnished to the SEC on the date hereof.

Non-GAAP Financial Information

This release contains non-GAAP financial measures. These non-GAAP financial measures, which are used as measures of Stream’s performance or liquidity, should be considered in addition to, not as a substitute for, measures of Stream’s financial performance or liquidity prepared in accordance with GAAP. Non-GAAP financial measures may be defined differently from time to time and may be defined differently than similar terms used by other companies, and accordingly, care should be exercised in understanding how Stream defines non-GAAP financial measures in this release.

Stream’s management uses the non-GAAP financial measures in the accompanying schedules to gain an understanding of Stream’s comparative operating performance (when comparing such results with previous periods) and future prospects and excludes certain items from its internal financial statements for purposes of its internal budgets and financial goals. These non-GAAP financial measures are used by Stream’s management in their financial and operating decision-making because management believes they reflect Stream’s ongoing business in a manner that allows meaningful period-to-period comparisons. Stream’s management believes that these non-GAAP financial measures provide useful information to investors and others in (a) understanding and evaluating Stream’s current operating performance and future prospects in the same manner as management does, if they so choose, and (b) in comparing in a consistent manner Stream’s current financial results with its past financial results.

All of the foregoing non-GAAP financial measures have limitations. Specifically, the non-GAAP financial measures that exclude certain items do not include all items of income and expense that affect Stream’s operations. Further, these non-GAAP financial measures are not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and do not reflect any benefit that such items may confer on Stream. Management compensates for these limitations by also considering Stream’s financial results in accordance with GAAP.

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STREAM GLOBAL SERVICES, INC.

Consolidated Condensed Statements of Operations

(In thousands, except per share amounts)

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STREAM GLOBAL SERVICES, INC.

Consolidated Condensed Balance Sheets

(In thousands)

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STREAM GLOBAL SERVICES, INC.

Consolidated Condensed Statements of Cash Flows

(In thousands)

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STREAM GLOBAL SERVICES, INC.

Reconciliation of GAAP to Non-GAAP Income (Loss) from Operations Excluding Severance, restructuring and other charges, net

(Unaudited)

(In thousands)

Reconciliation of GAAP to Non-GAAP Adjusted EBITDA

(Unaudited)

(In thousands)

Reconciliation of GAAP to Non-GAAP Free Cash Flow

(Unaudited)

(In thousands)

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To conform with industry practice, Stream is presenting realized gains (losses) on foreign exchange cash flow hedges as a component of the hedged item, Direct Costs. The prior year results reflect this reclassification as follows.

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