Adecco Group, a temporary staffing firm with locations around the world, announced the acquisition of VSN Inc., a leading provider of professional staffing services in Japan, for an enterprise value of EUR 90 million.
Patrick De Maeseneire, CEO of the Adecco Group, said: “We are delighted that VSN Inc. has agreed to join the Adecco Group. This is a rare opportunity for us to expand our Japanese professional staffing business in the world’s second-largest staffing market and it is an excellent fit with our global strategic priorities. The move will instantly double the contribution of professional staffing to Adecco’s revenues in Japan and reinforces our strong position in an attractive structural growth market.”
Adecco Japan is currently the fourth-largest player in the Japanese HR market, behind local players, with a strong position in the office segment and leading profitability. VSN Inc. generated revenues of EUR 157 million in 2010 (fiscal year-end March 2011) and is focused mainly on the engineering segment. It is headquartered in Tokyo with branches in eight major cities with more than 200 full-time employees and around 2,200 associates currently on assignment at clients. Combining Adecco’s business in Japan with VSN Inc., will double the exposure to professional staffing, which represents 9 percent of Adecco’s total revenues in Japan, according to Adecco.
For more information on the transaction, view a press release by clicking here.