On Assignment Inc. News Release (03/20/12)
On Assignment Inc. reports it has signed a definitive agreement to acquire Apex Systems Inc., an information technology staffing and services firm. “Apex Systems becoming part of On Assignment further positions us in the most attractive and fastest-growing segments of the staffing industry,” says Peter T. Dameris, president and chief executive officer of On Assignment Inc. “Apex Systems’ IT staffing services are complementary to those offered by our existing technology division, Oxford Global Resources. Because the offerings do not compete, the acquisition will create value for our clients, shareholders, and employees by expanding our presence in the IT staffing market.”
Under the terms of the definitive agreement, On Assignment Inc. will acquire all of Apex Systems’ equity and retire all of its debt, for a total of $600 million. The purchase price is comprised of $383 million in cash, and newly issued stock valued at $217 million.