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TAMPA — Kforce Inc., a staffing and professional services firm headquartered in Tampa, entered into a stock purchase agreement to sell all issued and outstanding shares of Kforce Clinical Research Inc. to inVentiv Health Inc. for $50 million in cash, according to a company release.
David Dunkel, chairman and CEO of Kforce, says in the release that the sale is part of a strategy to narrow the firm's focus on its core strengths. In the same release, CFO Joe Liberatore forecasts revenues to fill the earnings void left by KCR within a year. According to Liberatore, the cash will be used to pay off outstanding debt, repurchase stock, invest in fixed assets and possibly consider acquisitions.
The finalized sale of KCR to inVentiv, which is based in Burlington, Mass., is expected to take place by the end of March.
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