|By Business Wire||
|December 2, 2013 04:39 PM EST||
CyberCoders, the premier recruiting firm that utilizes cutting-edge technology and exceptional recruiters to match great companies with great people, announced today that it is has entered into a definitive agreement to sell CyberCoders to On Assignment, Inc. (NYSE: ASGN) for $94 million in cash and an earn-out opportunity of $11 million. The transaction is expected to close in early December.
By joining On Assignment, a nearly $2 billion, publicly-traded company, CyberCoders believes it will be able to enhance its growth rates. The Company also believes that with access to additional resources it will be able to provide expanded services to its clients and candidates. The Company’s recruiters will have increased opportunities for professional growth and prosperity as they gain access to permanent placement requests from On Assignment’s approximately 6,800 clients.
CyberCoders will become a division of On Assignment and continue to operate under the CyberCoders brand name. Heidi Golledge, President and CEO, and Matt Miller, Chief Technology Officer, will continue to oversee the day-to-day operations of the business.
“Soon after meeting the team at On Assignment, we knew our two companies would fit together well and that this transaction would be a positive development for our clients, candidates and the great folks at both our companies,” said Golledge.
Heidi Golledge, an Ernst & Young Entrepreneur of the Year® recipient, has led CyberCoders since 1999, expanding the company to Los Angeles, New York and Boston.
“We are thrilled to be joining On Assignment which is viewed as the acquirer of choice and one of the most well respected staffing firms in the industry. On Assignment has a proven track record of partnering with great companies and providing them with the support needed to help them grow and thrive. Like CyberCoders, On Assignment is committed to helping its employees build rewarding careers and we expect this relationship to enhance opportunities for our recruiters as they gain access to additional high-potential clients enabling them to provide the same level of CyberCoders’ service to more great companies,” said Golledge.
“We are excited to welcome CyberCoders’ talented management team, dedicated recruiters and hardworking software group to On Assignment,” said On Assignment’s President and Chief Executive Officer, Peter T. Dameris. “We are confident that working together, we will be able to leverage our strengths to grow CyberCoders, creating even more opportunities for both our employees and candidates while providing our clients with expanded offerings.”
Inc. Magazine named CyberCoders as one of the top 10 human resources companies in creating jobs in 2013. The Irvine-based company is known for its fun and inspiring work culture and its ‘work hard, play hard’ mentality. In addition to its unique company culture, CyberCoders’ revolutionary recruiting software allows their recruiters to find their clients the best possible candidate quickly while matching their candidates with their best career fit. CyberCoders has a candidate database of more than 11 million strong and leads the way in technology, engineering and professional recruiting.
Founded in 1999, CyberCoders believes in the passionate pursuit of the right candidate for the right job and recruits professionals for all types of jobs including engineering, technology, sales, executive, financial, accounting, and scientific, legal and operational positions across all industries. With a team of more than 200 recruiters and thousands of job openings, CyberCoders is a worldwide leader in recruiting and staffing. For more information, visit www.CyberCoders.com.
About On Assignment
On Assignment, Inc. (NYSE: ASGN), is a leading global provider of in-demand, skilled professionals in the growing technology, healthcare and life sciences sectors, where quality people are the key to success. The Company goes beyond matching résumés with job descriptions to match people they know into positions they understand for temporary, contract-to-hire, and direct hire assignments. Clients recognize On Assignment for their quality candidates, quick response, and successful assignments. Professionals think of On Assignment as career-building partners with the depth and breadth of experience to help them reach their goals.
On Assignment was founded in 1985 and went public in 1992. The Company, which is headquartered in Calabasas, California, operates through a network of approximately 130 branch offices throughout the United States, Canada, United Kingdom, Netherlands, Ireland and Belgium. Additionally, physician placements are made in Australia and New Zealand. To learn more, visit: www.onassignment.com.