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On Assignment buys life sciences search firm

July 19 2010

On Assignment Inc. (NASD: ASGN) acquired Sharpstream Life Sciences, a London-based retained search firm focused on the life sciences sector. Sharpstream posted 2009 revenue of $5.0 million and also maintains offices in Philadelphia and Shanghai, China.

Terms of the deal include $5.0 million in cash plus a two-year earn-out provision. The acquisition will be immediately accretive to earnings; On Assignment plans to release more information in its second-quarter report on July 29.

Sharpstream CEO Martin Reynolds and Director of Sales Administration Keith Brown will remain with On Assignment and report to its President of Life Sciences and Allied Healthcare Emmett McGrath.

On Assignment reported Sharpstream's Shanghai office as a base of operations to launch its scientific and clinical research offerings in China.

Based in Calabasas CA, On Assignment provides staffing in healthcare, clinical, finance/accounting, information technology and engineering. It posted revenue of $416.6 million in 2009.

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