Staffing 360 Solutions Acquires Headway Workforce Solutions

NEW YORK, May 19, 2022 (GLOBE NEWSWIRE) — Staffing 360 Solutions, Inc. (NASDAQ: STAF), a company executing an international buy-integrate-build strategy through the acquisition of staffing organizations in the United States and the United Kingdom, announced today that it has completed the acquisition of Headway Workforce Solutions for up to approximately $14 million in a combination of stock and cash.

$9 million was 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.

With a 35-year history and a national reach of human capital workforce solutions, Headway reported unaudited revenues of $85 million in 2021.

Brendan Flood, Chairman, CEO and President of STAF said, “This accretive acquisition immediately provides us with both a national footprint, and the leading-edge e-recruiting technologies to enhance both operating margins and customer satisfaction. The respective leadership teams are already working together to hit the ground running.

“Scale and technology are two of the key components required of the future leading human capital providers in our industry– and we now have both to propel us to our goal of achieving a profitable, $500 million revenue enterprise,” said Flood.

Headway offers customized contract-based workforce solutions in all 50 states, providing full scope staffing. Headway’s leading blended business service model of high-touch technology-driven-processes encompasses integral components delivered through Headway’s CORE: Center for Operational and Recruitment Excellence:

  • Recruitment & Staffing
    • Project-based streamlined recruiting processes and
    • An integrated suite of HR processes from on-boarding to payroll processing

Headway’s CORE is based on a foundation of proprietary and integrated processes and technologies to source the best candidates via its flexible and customizable strategy and execution. A proprietary database of three million candidates supports job search campaign management and is augmented with advanced e-recruiting technologies and integrated with a sophisticated applicant tracking system (ATS).

Headway is one of the largest US providers of survey research personnel with projects in the social sciences, healthcare and marketing sectors. Its unique survey research niche is a valuable tool and differentiator in the staffing industry, providing these services in every zip code of the US.

About Headway Workforce Solutions
Since 1974, Headway has been laser focused on building opportunities that help its clients overcome their business obstacles. Character, commitment, and passion are the cornerstones of its offering as it seeks to deliver state-of-the-art workforce solutions across the nation. Its vision is to partner with clients, candidates, employees, and stakeholders to leverage sophisticated technology without sacrificing the relationships that are the foundation of our industry.

About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. is engaged in the execution of an international buy-integrate-build strategy through the acquisition of domestic and international staffing organizations in the United States and United Kingdom. The Company believes that the staffing industry offers opportunities for accretive acquisitions and as part of its targeted consolidation model, is pursuing acquisition targets in the finance and accounting, administrative, engineering, IT, and light industrial staffing space. For more information, visit http://www.staffing360solutions.com. Follow Staffing 360 Solutions on FacebookLinkedIn and Twitter.