Expands Offerings Nationwide With Enhanced Cutting-Edge Tools and Technologies
Staffing 360 Solutions, Inc.a company executing an international buy-integrate-build strategy through the acquisition of staffing organizations in the United States and the United Kingdom, announced that it has completed the acquisition of Headway Workforce Solutions for up to approximately $14 million in a combination of stock and cash.
$9 million was paid through issuance of shares of preferred stock that are convertible into approximately 3.5 million common shares, and up to $5 million cash through an earn-out.
With a 35-year history and a national reach of human capital workforce solutions, Headway reported unaudited revenues of $85 million in 2021.
Brendan Flood, Chairman, CEO and President of STAF said, “This accretive acquisition immediately provides us with both a national footprint, and the leading-edge e-recruiting technologies to enhance both operating margins and customer satisfaction. The respective leadership teams are already working together to hit the ground running.
“Scale and technology are two of the key components required of the future leading human capital providers in our industry– and we now have both to propel us to our goal of achieving a profitable, $500 million revenue enterprise,” said Flood.
Headway offers customized contract-based workforce solutions in all 50 states, providing full scope staffing. Headway’s leading blended business service model of high-touch technology-driven-processes encompasses integral components delivered through Headway’s CORE: Center for Operational and Recruitment Excellence:
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- Recruitment & Staffing
- Project-based streamlined recruiting processes and
- An integrated suite of HR processes from on-boarding to payroll processing
Headway’s CORE is based on a foundation of proprietary and integrated processes and technologies to source the best candidates via its flexible and customizable strategy and execution. A proprietary database of three million candidates supports job search campaign management and is augmented with advanced e-recruiting technologies and integrated with a sophisticated applicant tracking system (ATS).
Headway is one of the largest US providers of survey research personnel with projects in the social sciences, healthcare and marketing sectors. Its unique survey research niche is a valuable tool and differentiator in the staffing industry, providing these services in every zip code of the US.
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