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Adecco to purchase General Assembly
Posted on Tuesday, 17 April 2018 06:36
Switzerland-based Adecco, the biggest temporary staffing group in the world, is picking up US technology education provider General Assembly for an enterprise value of USD 412.50 million.
Financed through existing resources, the acquisition is expected to increase earnings from the third full year of ownership.
Completion is slated for the second quarter of 2018, subject to customary closing conditions, including the usual raft of regulatory approvals.
Adecco provides staffing services to over 100,000 organisations through its Modis, Badenoch & Clark, Spring Professional, Lee Hecht Harrison, Pontoon, Adia, and YOSS brands.
It booked net income of EUR 790.00 million and revenues of EUR 23.66 billion for the 12 months ended 31st December 2017.
The firm specialises in temporary staff, but will also find permanent placements and assist with career transitions and development.
At year-end 2017, Adecco had assets of EUR 5.59 billion.
Chief executive Alain Dehaze said: “The rise of automation also creates a critical need to re-skill workers, with as many as 375.00 million employees globally needing to transition to new roles by 2030.
“By offering General Assembly’s services alongside the group’s existing talent development, career transition and professional staffing solutions we will be able to better respond to these client needs, enhancing both access to and the supply of the most in-demand skills”.
The target claims to be the global leader in digital skills training for individuals and corporations.
General Assembly was founded in 2011 and has a three-year compound annual growth rate of 30.0 per cent, with revenues in 2017 reaching about USD 100.00 million.
Its training services will be utilised by Adecco brand Lee Hecht Harrison in order to enable companies to educate existing talent, which will reduce financial and personal costs caused by rapid changes in technology.
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