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IQNavigator is acquiring the ProcureStaff Technologies Ltd. vendor management system from Volt Information Sciences Inc. (OTCBB: VISI), the companies announced today. Terms of the transaction were not made public; the deal is expected to be complete in the early part of this year.
The ProcureStaff VMS operates under the Consol brand.
“Our acquisition of ProcureStaff leverages complementary strengths so we can best address our customers’ and partners’ needs today and in the future,” IQNavigator President and CEO Joe Juliano said in a press release.
It will be business as usual for ProcureStaff customers after the acquisition, Juliano said.
The same team of ProcureStaff associates will be on hand to support them. In addition, ProcureStaff Chief Operating Officer Carolyn Nolan will join IQNavigator.
ProcureStaff customers will also have an opportunity to migrate to IQNavigator’s product. The company stressed it is committed to maintaining and running ProcureStaff’s VMS technologies for existing ProcureStaff customers but believes many will ultimately seed advanced features and functionality available in its VMS system.
“When the time comes for our customers and partners to take advantage of the world-class IQNavigator functionality such as advanced statement of work, global invoicing, Rate IQ, mobility applications, reporting and analytics that they’ve been demanding, we will be here to lead them through a seamless migration methodology that best fits their requirements, resources and timelines,” Nolan said in a press release.
Volt President and CEO Ron Kochman said the VMS was not a core business for his company.
“This sale reduces Volt’s investment in a non-core business while enhancing our world-class staffing services and managed service provider businesses as we reshape our business to generate greater long-term shareholder value,” Kochman said in a press release.
Volt also has a managed service provider offering; some MSP customers use the ProcureStaff VMS technology and some customers use other VMS providers. Volt will continue to offer MSP that can be used with any VMS provider.
“We will now be able to more effectively partner with technology leading VMS providers, particularly IQNavigator to deliver outstanding contingent and project-based workforce services,” said Volt CFO James Whitney.
ProcureStaff was rated as a top performer VMS among staffing suppliers in the “2013 VMS and MSP Customer Experience” report by Staffing Industry Analysts.
IQNavigator is based in Denver and is a portfolio company of Chicago-based private equity firm GTCR LLC. Its VMS ranks second in total temp/contract spend, at $11.2 billion, among VMS systems measured in the “2013 VMS and MSP Supplier Competitive Landscape” report by Staffing Industry Analysts. It also ranks second in statement-of-work and third in outsourced services.