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Harvey Nash buys U.S. IT solutions firm

November 05 2007

London-based Harvey Nash Group PLC is buying a 49.9% stake in U.S. information technology solutions firm TechDiscovery LLP. Harvey Nash will pay GBP700,000 (US$1.5 million) with up to GBP1.0 million (US$2.1 million) more based on performance through Sept. 30, 2008. Harvey Nash also has an option to buy the remaining 50.1% of TechDiscovery.

Atlanta-based TechDiscovery had revenue of GBP3.3 million (US$6.9 million) in its last fiscal year ended Sept. 30. Its net income was GBP300,000 (US$625,815).

Harvey Nash and TechDiscovery have worked closely together since 2006.

"CIOs are saying that, in the future, delivering IT will demand an increasingly creative and strategic approach, unlike the traditional staffing model adopted by the industry," said CEO Albert Ellis. "We firmly believe this expanded relationship will provide a unique package of IT solutions expertise for our clients and ultimately enable the development of their competitive advantage."

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