TSR (NASDAQ: TSRI), a Hauppauge, New York-based IT staffing provider, has agreed to be acquired by Justin Christian, the CEO and founder of Bucher and Christian Consulting, dba BCforeward. Christian’s firm is one of the largest Black-owned professional services and workforce management solutions firms in the US, according to the company.
BCforward employs more than 5,000 people globally.
“We look forward to partnering with the entire team at TSR to continue this journey together by offering our collective clients new and enhanced capabilities,” Christian said in a press release.
TSR is being acquired for $13.40 per share in cash, representing an equity value of $29 million. The company’s board has approved the transaction.
The companies have little overlap in customers and said the deal offers opportunity to bring additional services to clients, TSR reported in a presentation. There are no immediate changes planned for the management teams or employees.
“BCforward is a fantastic cultural fit with the business we have built over the past 54 years,” TSR Chairman Bradley Tirpak said in a press release.
The deal is expected to close in the third quarter. It includes TSR and its subsidiaries: Geneva Consulting Group and Logixtech Solutions.
TSR, founded in 1969, announced a strategic review in 2023 to examine a possible sale. The company reported earnings in April.
BCforward was founded more than 25 years ago and is headquartered in Indianapolis.