The move will broaden Staffing 360’s offerings across the IT staffing sector in particular and crack the door open for international business.
The deal was welcomed by investors as Staffing 360's shares tripled today to finish at US$5.50.
“The acquisition of Clement May reflects our continuing focus on strategic M&A activity that, in concert with an intelligent integration program, is designed to drive top-line growth towards our stated revenue growth of US$500mln over the next two years and bring us one step closer to generating positive net income,” said Brendan Flood, chairman and CEO of Staffing 360 Solutions.
Staffing 360 didn’t disclose financial details of the deal.
The company did say, however, that for the year until the close of June, Clement May generated revenue of roughly US$50mln and operated profitably.
Chris Rowbotham, Clement May’s managing director, has been tapped to take on the combined role of managing director of Clement May and Longbridge Recruitment 360, a Staffing360 Solutions subsidiary that specializes in finance, accounting and legal recruitment.
Staffing 360 owns an array of recruitment companies and is looking to acquire additional ones in the US and UK.
Clement May, meanwhile, provides help with executive search and interim recruitment across an array of specialist sectors as well as payroll management and other managed services.