CyberCoders, the premier recruiting firm that utilizes cutting-edge technology and exceptional recruiters to match great companies with great people, announced today that it is has entered into a definitive agreement to sell CyberCoders to On Assignment, Inc. (NYSE: ASGN) for $94 million in cash and an earn-out opportunity of $11 million. The transaction is expected to close in early December.
By joining On Assignment, a nearly $2 billion, publicly-traded company, CyberCoders believes it will be able to enhance its growth rates. The Company also believes that with access to additional resources it will be able to provide expanded services to its clients and candidates. The Company’s recruiters will have increased opportunities for professional growth and prosperity as they gain access to permanent placement requests from On Assignment’s approximately 6,800 clients.
CyberCoders will become a division of On Assignment and continue to operate under the CyberCoders brand name. Heidi Golledge, President and CEO, and Matt Miller, Chief Technology Officer, will continue to oversee the day-to-day operations of the business.
“Soon after meeting the team at On Assignment, we knew our two companies would fit together well and that this transaction would be a positive development for our clients, candidates and the great folks at both our companies,” said Golledge.Heidi Golledge, an Ernst & Young Entrepreneur of the Year ® recipient, has led CyberCoders since 1999, expanding the company to Los Angeles, New York and Boston. “We are thrilled to be joining On Assignment which is viewed as the acquirer of choice and one of the most well respected staffing firms in the industry. On Assignment has a proven track record of partnering with great companies and providing them with the support needed to help them grow and thrive. Like CyberCoders, On Assignment is committed to helping its employees build rewarding careers and we expect this relationship to enhance opportunities for our recruiters as they gain access to additional high-potential clients enabling them to provide the same level of CyberCoders’ service to more great companies,” said Golledge.