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On Assignment Announces Two Acquisitions, Sale Of Its Allied Healthcare Unit And Updated Q4 Estimates

Stock quotes in this article: ASGN

On Assignment, Inc. (NYSE: ASGN), a leading global provider of diversified professional staffing solutions, today announced the following transactions: a definitive agreement to acquire CyberCoders Holdings, Inc., a leading national permanent placement recruiting firm; the acquisition of Whitaker Medical, LLC, a leading physician staffing firm; and the sale of its Allied Healthcare business unit to Cross Country Healthcare, Inc. (NASDAQ:CCRN), a company that specializes in healthcare staffing. The Company also updated its estimates for the fourth quarter of 2013.

Highlights:

  • Entered into a definitive agreement to acquire CyberCoders Holdings, Inc., a technology-enabled permanent placement recruiting firm, for $94 million in cash and an earn-out opportunity of $11 million.
  • Completed acquisition of Whitaker Medical, LLC, a physician staffing firm, for $17.1 million in cash and an earn-out opportunity of $5 million.
  • Completed sale of the Allied Healthcare unit for $28.7 million. Operating results of this unit will be treated as discontinued operations.
  • Updated Q4 estimates to reflect the two acquisitions, the sale of Allied Healthcare and recent operating developments.

“These transactions are all part of our publicly stated drive to strategically grow the Company and solidify our position as a top player in the markets we serve,” said Peter T. Dameris, On Assignment’s President and Chief Executive Officer. “We are constantly evaluating our business mix and service offerings to ensure that we thoroughly understand the ever-changing demand and service delivery trends in the professional staffing industry. By doing this, we can not only better meet the needs of our customers, but also create the best opportunities for our employees and put the Company in the strongest position possible for the long-term benefit of our stockholders.”

Acquisition of CyberCoders Holdings, Inc.

On November 25, 2013, the Company entered into a definitive agreement to purchase CyberCoders Holdings, Inc. (“CyberCoders”), a leading technology-enabled national permanent placement recruiting firm, for $94 million in cash and up to an additional $11 million based on future operating performance. The acquisition is expected to close in early December. The purchase price will be funded out of cash on hand and borrowings under the Company’s revolving credit facility.

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