Novation Companies Inc. (OTC: NOVC) emerged from bankruptcy and acquired Healthcare Staffing Inc., an Atlanta-based healthcare staffing provider from Butler America. Novation paid $24 million for HCS, subject to adjustment, according to a filing with the US Securities and Exchange Commission. The deal was completed on July 27 and announced Aug. 22.

A significant portion of HCS’ business is generated from federal, state and local governments, according to the company.

Richard Rector will remain as leader of HCS as president and CEO.

“The HCS team is looking forward to our new business partnership with Novation and continuing our success here in Georgia and hopefully beyond,” Rector said. “I am proud of what we have accomplished so far and have high expectations for even greater success. And our customers can rest assured the transition to the Novation ownership will be smooth and seamless.”