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S.i. Systems acquires Toronto-based IT staffing firm

September 02, 2014

Canadian IT staffing firm S.i. Systems acquired Redwood Global Inc., a Toronto staffing firm also targeting IT professionals. The transaction closed today; terms were not disclosed.

The Redwood Global brand will transition into S.i. Systems over the next 90 days.

“This acquisition is very complementary,” said S.i. Systems President Derek Bullen. “Our values are the same, and our combined customer lists make us a significant vendor partner to Canada’s five largest banks and five largest Telco companies. As a combined entity our annual run rate has now crested $400 million.”

Redwood Global Managing Director Ian Brady has joined S.i. Systems’ management team, and Redwood Global’s owners — Ryan Atkinson and Randy Clemens — will remain on board for a six-month transition period.

Redwood Global has annual revenue of C$26 million. The firm has 18 employees and 208 contactors.

Staffing Industry Analysts ranks S.i. Systems as the sixth-largest staffing firm in Canada with C$274 million in 2012 revenue.