US-based Resources Connection Inc. (NASD: RECN) has acquired a German professional services firm called “taskforce - Management on Demand AG” through its operating subsidiary, Resources Global Professionals (RGP). The move is part of an effort to bolster its European business and provide more integrated solutions.

The transaction included initial consideration of €6.0 million in a combination of cash and restricted stock, plus an earn-out based on performance in calendar years 2017, 2018 and 2019.

Founded in 2007, taskforce provides senior interim management and project management expertise and has collaborated with RGP on a number of projects in recent years. It reported revenue of approximately €12 million in 2016.  

“Based upon current economic forecasts, we believe there will be a growing need for services both in Germany and the rest of the European market of the type that RGP provides,” said RGP President and CEO Kate Duchene. “The acquisition of taskforce significantly strengthens our presence in the vital German market and our ability to serve clients there and throughout the rest of Europe.”

The German firm will continue to operate under its existing brand name, while being clearly aligned to RGP. Jens Christophers and Lennart Koch will remain joint CEOs of taskforce; they will report to Mark Campbell, senior VP of RGP in Europe, and serve as part of the RGP leadership team in Europe.

“This is an exciting move for our growing European practice. taskforce has a very strong brand in the German market, the second largest consulting market in Europe,” Campbell said. “Together we will focus on continuing to build that brand, whilst leveraging our combined capabilities for our clients.”

Resources Connection ranks as the sixth-largest US provider of finance/accounting staffing.