Great move, stock moving contra market, might see $5!
SOMERSET, N.J., Nov 17 (Reuters) - TeamStaff Inc. (NasdaqSC:TSTF - news), a company that provides human resources management services, on Friday agreed to acquire Paradyme Human Resources Corp., a privately held technology-based temporary employment firm, for an undisclosed amount.
Somerset, N.J.-based TeamStaff would not disclose the terms of the deal, which should be completed in the spring of 2001. It is subject to due diligence and shareholder approval.
The acquisition would give TeamStaff the technology it's been looking for to provide more than 4,000 of its clients with the ability to manage human resources over the Internet, said Donald Kelly, spokesman for TeamStaff, in a phone interview with Reuters.
The deal also will add about $200 million more in revenue, about 500 new clients and more than 6,000 employees to TeamStaff, he said.
Shares of TeamStaff rose 3.7 percent to $3-1/2 during afternoon trade on the Nasdaq. That's about half of its 52-week high of $7-10/16. |
