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Investing

IT Staffing Services Acquisition Boosts On Assignment (ASGN, MAN, KELYA, RHI)

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By Paul Ausick Published
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Staffing agencies, both for temporary and permanent hires, have been having a pretty good year so far. Things got better today as On Assignment Inc. (NASDAQ: ASGN) announced the acquisition of privately held Apex Systems in a cash and stock deal worth more than $500 million, plus the assumption of $100 million in existing Apex debt.

The deal creates a company with a pro forma revenue of $1.3 billion, and On Assignment will become the second-largest IT staffing company in the US. On Assignment’s share price has risen more than 22% so far this year, not counting today’s spike. Competitor Robert Half has seen its share price rise about 7.4%, while Manpower Group (NYSE: MAN) is up nearly 30%, Kforce Inc. (NASDAQ: KFRC) is up about 19% and Kelly Services Inc. (NASDAQ: KELYA) is up nearly 14%. Lower unemployment, more job openings, and an overall improvement in the US economy have led to the higher share prices.

On Assignment’s shares are up about 28% today, at $17.50 after posting a new 52-week high of $18.25 earlier today. The stock’s 52-week range is $6.27-$18.25.

Contact [email protected] for any questions or corrections.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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