FAIRFAX, Va., Sept. 9, 2020 /PRNewswire/ -- Futuris Company (OTC: FTRS) (OTC: MISMD) ("Futuris" or the "Company"), a Human Capital Management (HCM) company focused on the acquisition and operation of executive search, staffing and consulting companies, today announced that it has signed a definitive agreement to acquire majority ownership in two Cherry Hill, New Jersey based staffing companies, Fourth Technologies, Inc. ("Fortek") and Soft2001, Inc. ("Soft2001") who combined are generating total annual revenue of approximately $7.25 million. Both transactions are expected to close in September 2020.
Fortek has been in the IT, Engineering and IT Management business sectors for over thirty years, delivering innovative solutions for clients in the commercial, industrial and federal workplace. Their clients range from small and medium-sized business to Fortune 1000 companies for whom they execute a variety of services from contract and permanent hire to fixed-price and project-based staffing contracts on a time and material basis. Fortek reduces the total cost of ownership of IT resources, increases project velocity and adds significant value to the customer's operational teams while decreasing staffing and project overhead. Key technology focus areas for Fortek are Cloud Services, Test and Robotic Process Automation, Cybersecurity, Object Oriented Programming and Machine Learning/AI.
Founded in 1996, Soft2001 started with a focus on Financial and Accounting software, systems and best practices. Now, they also service customers in the areas of Software Architecture, Design, Programming, Systems Integration, Quality Assurance and Testing. By leveraging their experience in technology, domain and processes, Soft2001 delivers measurable benefits such as increase in productivity, decrease in effort overrun, increase in customer satisfaction and timely delivery.
"We are pleased to announce our definitive agreement to acquire majority ownership in Fortek and Soft2001. The addition of these businesses will complement our growth strategy with operational synergies and proprietary technology. Located in a key northeast region of the United States, New Jersey is a large job market with many established companies operating in the staffing and recruiting space," stated Kalyan Pathuri, President of Futuris Company. "We believe that Fortek and Soft2001 will benefit from the Futuris platform and in turn, offer great opportunities for Futuris to access valuable client relationships with IT companies and the local job market."
About Futuris CompanyFuturis is a Human Capital Management (HCM) company focused on the acquisition and operation of executive search, staffing and consulting companies that specialize in professional service verticals such as medical, accounting/finance, information technology, recruitment process outsourcing (RPO), and human resources. The Company is committed to building a global staffing company through highly targeted and accretive acquisitions and operational efficiencies. For more information, please visit http://futuris.company/.
Forward-Looking StatementsCertain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by Futuris Company with the Securities and Exchange Commission. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business and although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.
Investor ContactKCSA Strategic Communications Valter Pinto / Allison Soss Futuris@KCSA.comPH: (212) 896-1254
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SOURCE Futuris Company