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Business Observer Friday, Dec. 5, 2014 7 years ago

U.K. firm buys 80% of Veredus

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Hays plc acquired the majority of the firm to expand its U.S. presence and services.

TAMPA — Hays plc, a London-based global specialist recruiting company, purchased 80% of Tampa-based Veredus Corp. The leadership team of the tech staffing firm will retain the remaining 20% equity and stay on in senior roles within the Hays USA business.

Hays will have options to acquire the remaining 20% from the selling shareholders starting in March 2018 based on a pre-determined multiple of earnings, subject to top end cap. Additional financial terms of the transaction were not disclosed.

Founded in 2001, Veredus generates 85% of its net fees from contracting and temporary assignments and 15% from permanent placements. The firm has 10 offices focused in the Southeast and Midwest and 150 employees. It has more than 800 contractors in 30 states.
“The opportunity to partner with the global leader in specialist recruitment is exciting to us all,” Dan Rodriguez, Veredus CEO, says in a press release. “It provides Veredus with an opportunity to compete on an even playing field with the largest staffing firms in the U.S. Starting immediately, we will focus on growing and expanding our existing technology flex and perm placement operations.”

John Faraguna, Hays North America president, says that Veredus was completely complementary to Hays and had no overlapping existing services or markets served.

Hays has 8,237 employees in 237 offices across 33 countries.

The Business Observer named Rodriguez our Entrepreneur of the Year in 2012. To read that story click here.

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