Randstad Australia signed an agreement to acquire Aurec Group in Australia.

Aurec Group is a specialist in technology recruitment, contractor management, payroll, migration and professional services.

Completion of the acquisition is subject to several conditions, which parties expect to be fulfilled in the coming weeks.

Aurec Group states that since it launched in 2002, it has helped over 15,000 candidates find new roles and the company generated revenue of AUD 107 million (75.2 million) in 2019.

The acquisition of Aurec Group allows Randstad Australia to accelerate the growth of its leading technology recruiting and solutions arm and aligns with the company’s strategy of growing its professional business.

Frank Ribuot, CEO of Randstad Australia, New Zealand, SEA and India, commented, “I’m proud to announce the intended acquisition of Aurec Group and look forward to welcoming its employees to the Randstad group upon completion. Aurec Group is known in Australia as a leader in IT recruitment, migration and professional services. This move will propel Randstad Australia’s growth in the technology market, while also bolstering our professional offering. I feel the two companies match well with similar values, fit for clients and geography coverage. All of this has made the discussions around joining forces all the more enjoyable and exciting.”

Randstad added that the acquisition is the next step forward in its strategic ambition to increase the professionals business not only organically, but also by small and midsize acquisitions and will be EVA (economic value added) enhancing within three years.