Kforce Inc. News Release (03/19/12)
Kforce Inc. has agreed to sell its clinical research business to inVentiv Health Inc. for $50 million in cash in an effort to focus on its core service offerings. The provider of professional staffing services expects to close the deal before the month ends and plans to use the proceeds to reduce debt. “As a result of an extensive review of our business and the changing landscape in the pharmaceutical industry, we have decided to sell our clinical research business,” says chairman and chief executive David Dunkel. Kforce predicts strong demand in its technology and finance and accounting businesses to continue and should replace the lost revenue from Kforce Clinical Research Inc. over the next 12 months.