Kelly (Nasdaq: KELYA) (Nasdaq: KELYB) today announced that it has
acquired Softworld, a leading technology staffing and workforce
solutions firm that serves clients across several end-markets,
including financial services, life sciences, aerospace, defense,
insurance, retail, and IT consulting. Softworld, headquartered in
Waltham, Mass., will continue to operate under its own brand.
In 2020, Softworld generated revenue in excess of $100 million,
reflecting double-digit growth despite COVID-related headwinds, at
gross profit rates that reflect the demand for highly skilled,
specialty technology talent.
“Through the acquisition of Softworld, Kelly adds to its
portfolio a business with a consistent track record of growth whose
deep expertise in technology complements the company’s focus on
fast-growing, high-margin specialties,” said Peter Quigley,
president and chief executive officer of Kelly. “Softworld's
high-performance culture, underpinned by a talent-first mindset and
an unwavering commitment to client satisfaction, make it a natural
fit within Kelly.”
In 2021, the market for temporary information technology (IT)
staffing in the U.S. is projected to reach $31.7 billion, making it
the largest professional staffing segment1. Within this segment,
Softworld focuses on highly specialized occupations that are
projected to grow at a rapid pace, driven by demand from
organizations undertaking complex technology initiatives. This
focus has translated to consistent top-line growth, earning
Softworld a place on Staffing Industry Analysts’ list of the
fastest growing staffing firms in the United States for each of the
past five years.
“The disruptive forces of a remote workforce and emerging
technologies – artificial intelligence, machine learning,
predictive analytics, and others – are driving increased investment
in digital transformations. As a result, demand for talent with the
specialized skill sets required to design and implement these
initiatives has never been greater,” said Hugo Malan, president,
Kelly Science, Engineering and Technology. “The addition of
Softworld to Kelly Science, Engineering and Technology’s portfolio
significantly expands the scale, specialty capabilities, and
solution set of our technology business, positioning Kelly to
capitalize on this opportunity and fulfill clients’ end-to-end
technology requirements.”
“We are excited to begin a new chapter in Softworld’s history as
part of the Kelly team,” said David S. Teitelman, president of
Softworld. “Kelly’s leadership in the workforce solutions industry,
its storied brand, and the relationships it has forged with many of
the world’s leading organizations – combined with Softworld’s deep
technical and industry expertise, world-class recruiting engine,
and comprehensive suite of workforce solutions – will empower our
collective team to unlock tremendous growth opportunities and
deliver considerable value to talent and clients alike.”
This release contains statements that are forward looking in
nature and, accordingly, are subject to risks and uncertainties.
These factors include, but are not limited to, changing market and
economic conditions, the recent novel coronavirus (COVID-19)
outbreak, competitive market pressures including pricing and
technology introductions and disruptions, disruption in the labor
market and weakened demand for human capital resulting from
technological advances, competition law risks, the impact of
changes in laws and regulations (including federal, state and
international tax laws), unexpected changes in claim trends on
workers’ compensation, unemployment, disability and medical benefit
plans, or the risk of additional tax liabilities in excess of our
estimates, our ability to achieve our business strategy, our
ability to successfully develop new service offerings, material
changes in demand from or loss of large corporate customers as well
as changes in their buying practices, risks particular to doing
business with government or government contractors, the risk of
damage to our brand, our exposure to risks associated with services
outside traditional staffing, including business process
outsourcing, services of licensed professionals and services
connecting talent to independent work, our increasing dependency on
third parties for the execution of critical functions, our ability
to effectively implement and manage our information technology
strategy, the risks associated with past and future acquisitions,
including risk of related impairment of goodwill and intangible
assets, exposure to risks associated with investments in equity
affiliates including PersolKelly Pte. Ltd., risks associated with
conducting business in foreign countries, including foreign
currency fluctuations, the exposure to potential market and
currency exchange risks relating to our investment in Persol
Holdings, risks associated with violations of anti-corruption,
trade protection and other laws and regulations, availability of
qualified full-time employees, availability of temporary workers
with appropriate skills required by customers, liabilities for
employment-related claims and losses, including class action
lawsuits and collective actions, our ability to sustain critical
business applications through our key data centers, risks arising
from failure to preserve the privacy of information entrusted to us
or to meet our obligations under global privacy laws, the risk of
cyberattacks or other breaches of network or information technology
security, our ability to realize value from our tax credit and net
operating loss carryforwards, our ability to maintain specified
financial covenants in our bank facilities to continue to access
credit markets, and other risks, uncertainties and factors
discussed in this release and in the Company’s filings with the
Securities and Exchange Commission. Actual results may differ
materially from any forward-looking statements contained herein,
and we undertake no duty to update any forward-looking statement to
conform the statement to actual results or changes in the Company’s
expectations.
About Kelly®
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) connects talented
people to companies in need of their skills in areas including
Science, Engineering, Education, Office, Contact Center, Light
Industrial, and more. We’re always thinking about what’s next in
the evolving world of work, and we help people ditch the script on
old ways of thinking and embrace the value of all workstyles in the
workplace. In 2020, we placed nearly 370,000 individuals in
positions with a variety of customers around the globe, and we
connect thousands more with work through our global network of
talent suppliers and partners in our outsourcing and consulting
practice. Revenue in 2020 was $4.5 billion. Visit kellyservices.com
and let us help with what’s next for you.
About Kelly Science, Engineering and
Technology
Kelly Science, Engineering and Technology, an operating segment
of Kelly®, powers tomorrow’s innovations with today’s brightest
talent. Our team of science, engineering, technology, and
telecommunications experts partner with leading organizations to
position them ahead of industry trends that are shaping their
workforce needs. We offer a full range of flexible, efficient
workforce solutions – including contract and direct-hire staffing,
business process outsourcing, and managed service provider
solutions – that empower our clients to adapt to changing market
dynamics and drive growth. In 2020, we placed nearly 23,000
individuals with highly specialized skills in positions on the
cutting edge of science, engineering, technology, and
telecommunications. Visit set.kellyservices.us and discover what’s
next in science, engineering, technology, and
telecommunications.
About Softworld
Softworld is a staffing and consulting firm with the experience
and infrastructure to support clients and talent on a national
level. Softworld has developed expertise across seven distinct
staffing and consulting practices over the past 25 years that
include Technology Services, Life Sciences, Engineering,
Government, Financial Services, Cyber Security, and their onshore
development division, Framework Development Centers.
Contact Information: |
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Media Contact: |
Analyst Contact: |
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Jane StehneyKelly
Servicesstehnja@kellyservices.com248-574-9800 |
Jim PolehnaKelly Services
polehjm@kellyservices.com248-244-4586 |
1 Staffing Industry Analysts U.S. Staffing Industry Forecast |
September 10, 2020
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