PHILADELPHIA, Aug. 5, 2015 /PRNewswire/ -- CDI Corp. (NYSE: CDI) announced today that it has entered into a definitive agreement to acquire ScaleneWorks People Solutions LLP, a privately held, emerging leader in talent acquisition solutions in India. Financial terms of the transaction were not disclosed. The closing is subject to certain conditions, including regulatory approval by Indian authorities. The acquisition is expected to be immediately accretive to adjusted earnings when completed, but not material to current year financial performance.
Founded in 2010, ScaleneWorks provides enterprise and task recruitment and recruitment process outsourcing (RPO) solutions, as well as other talent analytics and advisory solutions, to multiple leading companies in India. This acquisition provides CDI with the capability to capitalize on the large and high-growth Indian market, deliver support for the offshore needs of existing CDI clients, and develop a cost-effective offshore delivery capability to serve those clients in CDI's home markets.
"The acquisition of ScaleneWorks represents an important step in our plan to expand selectively our footprint to high growth markets and offer new and existing clients additional value-added services," said David Arkless, Executive Vice President and President of CDI International. "ScaleneWorks already has demonstrated its RPO and analytic-based recruitment capabilities with a number of leading global companies. We are excited to welcome the ScaleneWorks team and clients to CDI."
"This transaction represents an opportunity to accelerate our growth," added Sanjay Shelvankar, CEO at ScaleneWorks. "We wanted to align our capabilities with a global firm that could leverage our strengths across a new base of clients and allow us to continue to expand rapidly in India with innovative recruitment and consultative services."
CDI Corp. (NYSE: CDI) provides client-focused engineering, information technology and staffing solutions. Our customers operate in a variety of industries, ranging from Oil, Gas & Chemicals to Aerospace & Industrial Equipment, and High Technology, and include corporate, federal, state and municipal entities. We serve customers through offices and delivery centers in the United States, Canada and the United Kingdom. We also provide staffing services through our global MRINetwork® of franchisees. Learn more about CDI at www.cdicorp.com.
About ScaleneWorks People Solutions
ScaleneWorks People Solutions is a five-year-old talent acquisitions solutions company that operates across India and is headquartered in Bangalore, India. ScaleneWorks provides Human Capital Management Solutions, Task RPO, Enterprise RPO and other bespoke innovative on-site recruitment solutions across the IT, ITES and Engineering industries to a number of global blue chip and fast emerging Indian companies. Learn more about ScaleneWorks at www.ScaleneWorks.com.
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This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that address expectations or projections about the future, including, but not limited to, statements about our strategies for growth and future financial results (such as revenue), are forward-looking statements. Some of the forward-looking statements can be identified by words like "anticipates," "believes," "expects," "may," "will," "could," "should," "intends," "plans," "estimates" and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions that are difficult to predict. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: weakness in general economic conditions and levels of capital spending by clients in the industries we serve; weakness or volatility in the financial and capital markets, which may result in the postponement or cancellation of our clients' capital projects or the inability of our clients to pay our fees; the termination or non-renewal of a major client contract or project; delays or reductions in government spending; credit risks associated with our clients; competitive market pressures; the availability and cost of qualified personnel; our level of success in attracting, training and retaining qualified management personnel and other staff employees; changes in tax laws and other government regulations including the impact of healthcare reform laws and regulations; the possibility of incurring liability for our business activities, including the activities of our temporary employees; our performance on client contracts; negative outcome of pending and future claims and litigation; and government policies, legislation or judicial decisions adverse to our businesses. More detailed information about these and other risks and uncertainties may be found in our filings with the SEC, particularly in the "Risk Factors" section of our Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of our Form 10-Ks and Form 10-Qs. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We assume no obligation to update such statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE CDI Corp.