On Assignment Inc. on Monday said that it has completed the sale of one of its divisions and made two acquisitions that beef up its other businesses.
The Calabasas temp and permanent specialty staffing company has completed the $28.7 million sale of its Allied Healthcare business, which provides professionals to the rehabilitation health care market, to Cross Country Healthcare Inc. of Boca Raton, Fla.
On Assignment also said that it has signed a definitive agreement to acquire CyberCoders Holdings Inc., a national permanent-placement recruiting firm based in Irvine, for $94 million. The all-cash deal includes an earn-out opportunity of $11 million if CyberCoders hits certain milestones. CyberCoders places professionals in a variety of industries, including engineering and technology, finance and law.
On Assignment also has completed the acquisition of Whitaker Medical, a Houston physician staffing firm that serves the southeastern United States, for $17.1 million in cash and an earn-out opportunity of $5 million.
“These transactions are all part of our publicly stated drive to strategically grow the company and solidify our position as a top player in the markets we serve,” said Chief Executive Peter T. Dameris.
On Assignment said that it now expects fourth-quarter net income from continuing operations of 31 cents to 33 cents a share, adjusted income of 46 cents to 48 cents and revenue of $418 million to $422 million. The Wall Street consensus had been for income of 32 cents a share on revenue of more than $431 million.
Shares closed down 51 cents, or 1.5 percent, to $33.52 on the New York Stock Exchange.