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Cross Country Healthcare sells education business for $8 million

July 30, 2015

Cross Country Healthcare Inc. (NASD: CCRN) struck a deal to sell its Cross Country Education business to PESI Inc. for $8 million plus possible earn-outs of $500,000.

The deal is set to close this quarter. Cross Country plans to use revenue from the sale to fund future acquisitions, finance strategic objectives, reduce debt and for general business purposes.

Cross Country Education offers “in person” one-day seminars, conferences and e-learning through independent contractors who are experts in their field, according to the company’s annual report. Cross Country Education is an approved provider of continuing education with more than 30 professional healthcare associations. The division is based in Brentwood, Tenn.

“Selling this business is a logical next step in executing our stated strategy as we concentrate our resources on our core staffing and workforce solutions businesses,” President and CEO William Grubbs said. “I want to thank the employees of Cross Country Education for their services, and I am very pleased we could find them an outstanding new home as part of the PESI team.”