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Staffing 360 Solutions Inc. (OTCBB: STAF) agreed to acquire IDC Technologies Inc., a Milpitas, Calif.-based staffing firm with approximately $45 million in annual revenues, for approximately $13.4 million.
Staffing 360 Solutions will acquire all the issued and outstanding stock of IDC Technologies and it will become a wholly owned subsidiary of the company. The deal is expected to close within 60 days.
IDC Technologies Inc. primarily places IT personnel and has operations in the U.S. and Canada and related party operations in India.
Staffing 360 Solutions Inc., a public company started 10 months ago, operates staffing firm Staffing 360 Alliance and has more than 10 companies in its acquisition pipeline, said President A.J. Cervantes. Its acquisition strategy is to leave management and branding in place.
“It’s the brand that the customer knows,” said Cervantes. “We are effectively partnering with the company that we are bringing into the fold.”
Staffing 360 Solutions is pursuing white-collar staffing companies in the IT, financial, accounting, healthcare and banking industries. Cervantes said the company plans four divisions: cybersecurity; veterans staffing; Staffing 360 international (India and the UK); and domestic United States.