ACCUSTAFF TO ACQUIRE TECHNOLOGY SERVICES CORPORATION
Business Wire - December 31, 1997 16:25
%ACCUSTAFF ASI %FLORIDA %IOWA %MERGERS %ACQ %MANAGEMENT %CHANGES V%BW P%BW
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Dec. 31, 1997--AccuStaff Incorporated (NYSE:ASI), an international provider of strategic staffing, consulting and outsourcing services, today announced that it will acquire 100% of the stock of Technology Services Corporation ("TSC"). Based in Des Moines, Iowa, TSC is a computer consulting services firm which provides information technology (IT) consulting in UNIX, Windows NT support, client-server development, and mainframe software maintenance and support throughout the Midwest. TSC's revenues for the fiscal year ended December 31, 1997, are estimated to be approximately $10 million, based upon unaudited financial information. The transaction is expected to be accretive to earnings. Terms of the purchase transaction were not disclosed.
Derek E. Dewan, Chairman, President and Chief Executive Officer of AccuStaff, said, "TSC will join our modis IT group, and brings additional geographic coverage in the Midwest for our IT services segment. Darrin Dreyer and Steve Tommingo, principals of the company, will remain, as will other members of the management team."
According to Timothy Payne, President of AccuStaff's IT Division, modis, the worldwide revenues of the IT Division are expected to exceed $1 billion in 1998. "We currently are one of the largest information technology services providers in the world, operating over 100 offices in the U.S., Canada, the United Kingdom, Continental Europe, and Latin America."
In other news, AccuStaff announced the retirement of Walter Macauley from its Board of Directors and as a vice president. Macauley, who joined AccuStaff with the acquisition of Career Horizons, is leaving to pursue other interests, but will continue to serve AccuStaff as a consultant. Dewan said, "Walt Macauley helped facilitate the integration of Career Horizons into AccuStaff over the past year, and assisted us with several other successful acquisitions. We wish him well in his future endeavors."
AccuStaff Incorporated is an international provider of business services, including consulting, outsourcing, training, and strategic staffing services, to leading businesses. Headquartered in Jacksonville, Florida, the Company has approximately 1,000 branch, franchise, and associated offices in 46 states, the District of Columbia, Canada, the United Kingdom, Continental Europe, and Latin America.
Statements made in this press release, other than those concerning historical information, should be considered forward- looking and subject to various risks and uncertainties. The Company's actual results may differ materially from the results anticipated in these forward-looking statements as a result of certain factors set forth under Risk Factors and elsewhere in the Company's reports on Forms 10-K, 10-Q and 8-K made under the Securities Exchange Act of 1934. For instance, the Company's results of operations may differ materially from those anticipated in the forward-looking statements due to, among other things: management's ability to effectively integrate the combined operations of Career Horizons, Inc. and the Company; the Company's ability to successfully identify suitable acquisition candidates, complete acquisitions or integrate the acquired business into its operations; the general level of economic activity in the Company's markets; increased price competition; and the continued availability of qualified temporary personnel particularly in the information technology and other professional segments of the Company's businesses. In addition, the market price of the company's stock may from time to time be significantly volatile as a result of, among other things: the Company's operating results; the operating results of other temporary staffing companies; and changes in the performance of the stock market in general.
For additional information about the Company, visit AccuStaff's web site: accustaff.com
CONTACT: AccuStaff Incorporated, Jacksonville
Michael D. Abney, 904/360-2550
Derek E. Dewan, 904/360-2525
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