Staffing 360 Solutions Inc. (NASDAQ: STAF) is acquiring Headway Workforce Solutions, a Raleigh, North Carolina-based staffing provider. Staffing 360 reported that Headway is one of the largest US providers of survey research personnel; Headway’s offerings include market research, social science research and political canvassing. Staffing 360 Solutions will pay approximately $14 million in cash and stock for Headway.
The acquisition is subject to the satisfaction of certain closing conditions. Upon closing, $9 million will be paid through issuance of shares of preferred stock that are convertible into approximately 3.5 million common shares, and up to $5 million cash through an earn-out.
“Our industry is seeing a growing demand for labor, and the combined solutions of our two companies will bring a valuable dynamic to the business,” said Brendan Flood, chairman, CEO and president of Staffing 360.
Headway posted revenue of $85 million in 2021. It was founded in 1974.