IRVINE, Calif.--(BUSINESS WIRE)--
Resources Connection, Inc., (NASDAQ: RECN), a multinational business
consulting firm operating as Resources Global Professionals (‘RGP'),
today announced the completion of its previously announced acquisition
of substantially all of the assets and assumption of certain liabilities
of Accretive Solutions, Inc. (‘Accretive'). Accretive is a
professional services firm that provides consulting, staffing and
outsourcing solutions to a wide variety of organizations in the U.S.,
and supports startups through its Countsy suite of back office services.
The transaction was completed in accordance with the terms of the
agreement announced on November 1, 2017.
"We are very pleased to have completed our acquisition of Accretive, and
believe that this transaction is in line with our growth strategy and
goals," said Kate Duchene, President and CEO of RGP. "We are confident
that Accretive's complementary capabilities will strengthen RGP's core
competencies and we expect it will enable us to capitalize on growth
opportunities in key U.S. geographies, capture additional market share
in the middle market, and expand our offerings to startups. Today's
closing marks the start of an exciting new chapter for RGP and
Accretive, and we look forward to the significant value this transaction
can create for both our clients and shareholders."
As previously announced, RGP plans to transition Accretive's business
into the RGP brand over the next 6-9 months, with the exception of
Countsy, which will continue to operate as a standalone business.
RGP continues to expect the transaction to increase RGP's revenue by
approximately $65-70 million and EBITDA by $6.5-7.5 million after 9-12
RGP, the operating subsidiary of Resources Connection, Inc. (NASDAQ:
RECN), is a multinational business consulting firm that helps leaders
execute internal initiatives. Partnering with business leaders, RGP
drives internal change across all parts of an enterprise - accounting;
finance; governance; risk and compliance management; corporate advisory;
strategic communications and restructuring; information management;
human capital; supply chain management; and legal and regulatory.
RGP was founded in 1996 within a Big Four accounting firm. Today, RGP is
a publicly traded company. Including the operations of Accretive, RGP
employs over 3,700 professionals, annually serving over 2,600 clients
around the world from 76 practice offices.
Headquartered in Irvine, California, RGP has served 87 of the Fortune
The Company is listed on the Nasdaq Global Select Market, the exchange's
highest tier by listing standards. More information about RGP is
available at www.rgp.com.
Certain statements in this press release are "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements may be identified by words such as
"anticipates," "believes," "can," "continue," "could," "estimates,"
"expects," "intends," "may," "plans," "potential," "predicts," "remain,"
"should" or "will" or the negative of these terms or other comparable
terminology. Such statements and all phases of the Company's operations
are subject to known and unknown risks, uncertainties and other factors
that could cause our actual results, levels of activity, performance or
achievements and those of our industry to differ materially from those
expressed or implied by these forward-looking statements. Risks and
uncertainties that may or may not be realized include certain
anticipated benefits of the acquisition such as our ability to
capitalize on certain growth opportunities and capture additional share
in the U.S. middle market and deeper penetration with startup companies,
our ability to greatly strengthen our position in key US markets and add
subscription-based services to our offerings, our ability to exploit the
Countsy brand to expand into additional markets, our ability to achieve
our revenue, EBITDA and cost synergy expectations, as well as
seasonality, overall economic conditions and other factors and
uncertainties as are identified in our most recent Annual Report on Form
10-K and our other public filings made with the Securities and Exchange
Commission (File No. 0-32113). Additional risks and uncertainties not
presently known to us or that we currently deem immaterial may also
affect our business or operating results. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date hereof. The Company does not intend, and undertakes
no obligation, to update the forward-looking statements in this press
release to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events, unless required by law
to do so.
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Resources Global Professionals
Source: Resources Global Professionals
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