On Assignment Inc. (NYSE: ASGN) agreed to acquire privately held Creative Circle LLC from Morgan Stanley Global Private Equity for $570 million in cash and equity, and up to an additional $30 million if performance targets for 2015 are achieved.

Creative Circle was founded in 2002 and provides digital, marketing, advertising and creative talent. It posted revenue of approximately $226 million in 2014 and had a three-year compounded annual growth rate of 26%.

 “Technology has accelerated digital innovation and the way consumers access content,” said On Assignment President and CEO Peter Dameris. “As such, our clients are faced with the need to remain competitive by transforming their business models to effectively respond to consumer demand for digital information and services on a real time basis. By working together, we can do more for our clients to accelerate their transformation to a digital platform by providing our respective clients with a more complete solution in the technology and digital/creative space.”

The transaction is expected to close before the end of the second quarter, pending regulatory approvals and customary closing conditions. Creative Circle will become a division of On Assignment and continue to operate under the Creative Circle brand name. The current leadership team will continue to oversee the day-to-day operations of the business.

“On Assignment is one of the more innovative and competitive companies within the professional staffing space,” said Creative Circle CEO Lawrence Serf.  “Like On Assignment, Creative Circle provides its clients with the highest quality solutions to staffing challenges and offers professionals unparalleled employment opportunities in their chosen field. We are excited to be an important part of On Assignment’s ongoing growth.”

In connection with the transaction, On Assignment obtained $975 million in financing from Wells Fargo Bank. The new credit facility consists of a $100 million revolving credit facility and an $875 million term loan. The proceeds of the term B loan will be used to finance the cash portion of the purchase price and refinance existing On Assignment debt.

On Assignment now estimates revenues of $1.087 billion to $1.103 billion and gross margin of 33.6% percent to 34.0% in the second half of 2015.

Calabasas, Calif.-based On Assignment — which ranks as the 13th largest staffing firm in the US — in February sold its physician staffing segment, Vista Staffing Solutions Inc., to Envision Healthcare (NYSE: EVHC).

Shares in On Assignment rose 13.00% in early afternoon trading to $37.11; the company had a market cap of $1.91 billion, according to Yahoo!