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Spherion pays $46 million for Tatum

February 02, 2010

Spherion Corp. (NYSE: SFN) announced Monday it acquired Tatum LLC, an Atlanta-based firm that provides chief financial officer staffing as well as CFO-related services and consulting, for $46 million.

Professional services will account for 44% of Spherion's total revenue after the deal, according to the company.

"This acquisition represents another step in the execution of our stated strategy of increasing our higher-margin professional services business, while also expanding our presence in the C-level interim and consulting market," Spherion President CEO Roy Krause said in a statement.

The $46 million price includes $11 million in Spherion stock and the remainder in cash and assumed liabilities. Spherion will issue 1.8 million shares of stock in the deal.

Tatum had revenue of $117 million in 2009. The deal should be accretive to Spherion in 2010 by about three cents to five cents per share.

Tatum's field operations will remain independent with its back office operations consolidated into Spherion's. The integration is expected to be complete by March 31.