Hudson Global Inc. News Release (05/11/2015)
Hudson Global Inc. reported revenue of $124.3 million for the first quarter of 2015, down 13.8% (down 3.3% in constant currency) from $144.2 million in the first quarter of 2014. The company reported a net loss of $6.8 million, compared with a net loss of $4.5 million in the year-ago quarter.
Revenue totaled $11 million for Hudson Americas in the 2015 first quarter, down 9.8% from $12.2 million in the 2014 first quarter.
Buyers of a business generally expect sellers to be responsible for certain liabilities relating to when the seller owned its business—a concept mergers and acquisitions professionals refer to as indemnification. Indemnification is one of the most heavily negotiated, and potentially most significant, provisions of a purchase agreement, and understanding the terminology common to such agreements is essential when negotiating a deal. Attorney Paul Pincus of Ortoli Rosenstadt LLP explains what sellers are liable for, how a seller’s liability may be limited, and how buyers may seek to fund potential indemnity claims.
Mastech Holdings News Release (05/11/15)
Mastech Holdings Inc. reported revenues of $27.1 million in the first quarter of 2015, down 5.6% from $28.7 million in the first quarter of 2014. Consolidated net income totaled $195,000, down 77.6% from $869,000 in the year-ago quarter. Pretax severance costs related to a change in sales leadership affected earnings in the first quarter.
Mastech Holdings News Release (05/11/15)
Mastech Holdings Inc. says its wholly owned subsidiary, Mastech Inc., has entered into a definitive asset purchase agreement to acquire Hudson Global’s U.S. IT staffing business. The transaction is expected to close in the second quarter.
On Assignment Inc. News Release (05/11/15)
On Assignment Inc. has signed a definitive agreement to acquire privately held Creative Circle LLC for $570 million in cash and equity, and up to an additional $30 million based on future operating performance. Creative Circle will become a division of On Assignment and continue to operate under the Creative Circle brand name.
Conference Board News Release (05/11/15)
The Conference Board Employment Trends Index increased in April. The index now stands at 128.22, up from 127.15 (a downward revision) in March. The change represents a 5.8% gain in the ETI compared with a year ago.
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