Staffing 360 Solutions Inc. (NASDAQ: STAF) today announced it has completed the acquisition of Headway Workforce Solutions, a Raleigh, North Carolina-based staffing provider.

Terms of the transaction included up to approximately $14 million in a combination of stock and cash — $9 million 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.

The deal was first announced in April. Staffing 360 reports that Headway is one of the largest US providers of survey research personnel with projects in the social sciences, healthcare and marketing sectors.

Headway, founded in 1974, reported unaudited revenue of $85 million in 2021.

The accretive acquisition provides Staffing 360 with a national footprint and e-recruiting technologies to enhance both operating margins and customer satisfaction, according to Brendan Flood, chairman, CEO and president of Staffing 360.

“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,” Flood said.