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Staffing 360 Solutions Inc. (OTCBB: STAF) will acquire The Revolution Group Ltd. in a stock purchase agreement. The Revolution Group, with revenue of approximately $5 million, specializes in staffing for the cybersecurity industry with a focus on cyber terrorism.
Terms of the transaction will be announced within 30 days, and the deal is expected to close in the next 30 to 60 days.
The Revolution Group’s Mark Aiello will remain a company president under a long-term agreement and join Staffing 360’s executive senior management team.
The Revolution Group brand will merge into Cyber 360 Solutions — a cybersecurity division that Staffing 360 Solutions formed last week.
“We think it’s likely that all of our activity in the cyber security and cyber terrorism space, which is a major objective of Staffing 360, will operate under the division Cyber 360 Solutions,” said A.J. Cervantes, president of Staffing 360.
The addition of The Revolution Group, combined with last month’s acquisition of Milpitas, Calif.-based staffing firm IDC Technologies Inc., brings Staffing 360 Solutions Inc.’s revenue close to $60 million, according to Cervantes.
“Our commitment is to build this company to $250 million in revenues in the next 34 months,” said Cervantes.
“This agreement represents a tremendous opportunity for revenue growth in the emerging Cyber Security market,” said Allan Hartley, CEO of Staffing 360 Solutions. “As part of our new Cyber 360 Solutions division, the acquisition of The Revolution Group is a crucial step as we implement a major push in an industry that is quickly becoming a critical focus for protecting the fragile digital framework of both international corporations and governments around the world.”
Staffing 360 Solutions is pursuing white-collar staffing companies in the IT, financial, accounting, healthcare and banking industries.