Staffing 360 Solutions Inc.’s (OTCBB: STAF) reported revenue increased to $16.9 million in its fiscal third quarter ended Feb. 28, up from $70,000 in the same quarter of the previous year. The increase was principally a result of Staffing 360’s accretive acquisition strategy, according to the company.

During the recent fiscal year, Staffing 360 Solutions completed the acquisitions of Cyber 360 Solutions (formerly known as The Revolution Group Ltd.); Control Solutions International Inc.; Initio International Holdings Limited (renamed Staffing 360 Solutions Limited); and Poolia UK.

The company’s net loss increased to $1.8 million from $786,000 in the quarter. Staffing 360 attributed the net loss primarily to increased operating expenses, including an increased workforce due to the acquisitions, as well as office expenses related to the company’s subsidiaries, including the four new ones. In addition, the company incurred substantial one-time costs attributable to the acquisitions.

Shares in Staffing 360 were up 17.71 percent in early afternoon trading to $2.06. Staffing 360 has a market cap of approximately $54.52 million, according to Yahoo!

“This has been a significant quarter for our company in nearly every respect,” said Executive Chairman Brendan Flood. “Although our bottom line still shows a net loss, these consolidated results only include a portion of Initio's numbers due to the timing of the acquisition. We believe consolidated results will continue to improve in future quarters as these acquisitions are more fully reflected.”

Staffing 360 Solutions launched in 2012 and is pursuing broad spectrum staffing companies in the IT, financial, accounting, healthcare and cybersecurity industries. Its stated mission is to become a $300 million revenue business within the next 18 to 24 months, and Flood said he expects “game-changing” announcements throughout 2014.