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US – On Assignment Completes Apex Buy

May 16 2012

On Assignment Inc. (NASD: ASGN) reported Tuesday it completed the acquisition of privately held Apex Systems, one of the largest and fastest-growing information technology staffing firms in the U.S. The deal called for On Assignment to pay $600 million, which included $383 million in cash and 14.3 million shares.

Apex is based in Richmond, Va., and posted revenue of approximately $700 million in 2011.

“With Apex Systems as our newest division, On Assignment is now even better positioned in one of the most attractive and fast-growing segments in the staffing industry,” said On Assignment President and CEO Peter Dameris.

Apex’s senior management team will remain after the deal.

With the close of the transaction, On Assignment expects second quarter revenue of $278 million to $280 million and a gross margin of approximately 31.2 percent.

On Assignment is based in Calabasas, Calif., and provides IT, engineering, healthcare and clinical staffing.

The deal was announced in March. For the original story, click here.


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