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Corporate Resource Services Inc. (OTCBB: CRRS) announced today it closed on its previously announced acquisition of Summit Software. Little Rock, Ark-based Summit Software provides enterprise software applications and cloud-based hosting solutions for the PEO and staffing industries.
“Summit’s gross margins in excess of 60 percent and operating margins above 30 percent will improve our overall profitability,” said Mike Golde, Corporate Resource Services’ CFO. “More importantly, the ability to derive additional revenue streams from our lower-margin businesses will allow us to compete more effectively on price for the benefit of our clients, yet generate the profitability our investors are expecting.”
Corporate Resource, which last year ranked as the 34th-largest staffing firm in the U.S., announced plans to acquire Summit Software in January.