Global staffing provider Randstad Holding nv today announced a deal to acquire Italian staffing firm Obiettivo Lavoro, which ranks No. 79 on the most recent list of largest global staffing firms. The deal gives Obiettivo Lavoro an enterprise value of €102.5 million (US$114.9 million).

The transaction has been approved by the boards of both companies. Randstad expects to close the deal mid-2016, and will finance the transaction by using its existing credit facilities.

Obiettivo Lavoro recorded 2015 revenue of approximately €436 million (US$476.3 million based on the Dec. 31, 2015 exchange rate). It has more than 600 corporate employees and slightly more than 100 branches in Italy.

“We are happy to further strengthen our position in the Italian market said Randstad CEO Jacques van den Broek. “This acquisition is part of our strategy to aim for top three positions in each of the markets in which we operate. The services portfolios of Randstad and Obiettivo Lavoro are quite complementary, with Obiettivo Lavoro providing strong positions in the public sector and logistics segments of the Italian market. We will work towards a smooth transition process, building upon the solid track record of our Italian colleagues in previous integrations.”

Both businesses have a comparable offering, which creates a unique strategic opportunity, significantly strengthening the market position in Italy, according to Randstad. The transaction moves Randstad to the No. 2 player in Italy from its current No. 4 position, according to the company.

The transaction is subject to approval of the European Commission and certain internal reorganizations of Obiettivo Lavoro.

Randstad is based in the Netherlands with operations in the US and other countries around the globe.