On Assignment Inc. (NYSE: ASGN) closed its acquisition of privately held Creative Circle LLC for $540 million in cash and $30 million in equity for a total of $570 million. On Assignment will pay up to an additional $30 million if performance targets for 2015 are achieved.  

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. 

“With the addition of Creative Circle, On Assignment will be able to provide a broader range of staffing services to our clients as their business models and marketing demands focus on digital solutions,” said President and CEO Peter Dameris. “Consumers’ rapidly growing demand for real-time information and services requires an increase in highly skilled, talented professionals to support this digital platform. The need for technical and creative services creates a great opportunity for us to align Creative Circle with our On Assignment divisions that specialize in IT to expand our service offering.” 

In connection with the acquisition, On Assignment entered into a new $975 million credit facility. Proceeds from the new facility were used to fund the cash portion of the purchase consideration and repay borrowings under the existing credit facility. At closing, approximately $875 million will be outstanding under the facility. 

In connection with the closing, On Assignment also granted restricted stock unit awards to 55 Creative Circle employees covering an aggregate of 143,070 On Assignment shares.  

Calabasas, Calif.-based On Assignment ranks as the 13^th-largest staffing firm in the US on last year’s list of largest US staffing firms.