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INfe buys South African IT staffing company

October 26 2007

New York-based INfe Human Resources Inc. (OTCBB: IFHR) said it signed a deal to acquire Time Quantum, a South African information technology staffing company. Terms of the deal have not yet been announced. Time Quantum had revenue of $21 million in 2006, while INfe had revenue of $6.3 million for the nine months ended Aug. 31, 2007. INfe said estimated revenue of the combined companies could total $32 million in 2008.

Rich Kaiser, who handles investor relations for the company, said this is INfe's first overseas acquisition. As far as IT staffing, Time Quantum is "the largest in South Africa," Kaiser said.

Time Quantum's customers include government agencies such as the South African Revenue Services and private companies such as banks, insurance, and telecommunications firms. It has 240 contractors and staff members.

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