On Assignment acquires CyberCoders for $105 mn

IRVINE, USA: CyberCoders, the premier recruiting firm that utilizes cutting-edge technology and exceptional recruiters to match great companies with great people, announced today that it is has entered into a definitive agreement to sell CyberCoders to On Assignment, Inc. for $94 million in cash and an earn-out opportunity of $11 million. The transaction is expected to close in early December.

By joining On Assignment, a nearly $2 billion, publicly-traded company, CyberCoders believes it will be able to enhance its growth rates. The Company also believes that with access to additional resources it will be able to provide expanded services to its clients and candidates. The Company's recruiters will have increased opportunities for professional growth and prosperity as they gain access to permanent placement requests from On Assignment's approximately 6,800 clients.

CyberCoders will become a division of On Assignment and continue to operate under the CyberCoders brand name. Heidi Golledge, President and CEO, and Matt Miller, Chief Technology Officer, will continue to oversee the day-to-day operations of the business.