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WORKFORCE HOLDINGS BUYS QUYN OUTSOURCE SOLUTIONS

Acquisition of personnel outsourcing specialists adds technical skills to Workforce’s assignee base

Workforce Holdings Limited (“Workforce”) (JSE: WKF), today announced it has acquired the various operating companies comprising Quyn Outsource Solutions (“Quyn”). Workforce has predominantly placed staff in non-technical positions, and adding Quyn to its service offering allows the company to grow its portfolio of services and revenues into the technical skills sector.

The deal, which is worth approximately R75 million, sees Workforce purchasing the following companies from Quintonox Investments (Pty) Ltd: Quyn International Outsourcing (Pty) Ltd, Quyn Payroll Services (Pty) Ltd, Quyn HR Consulting (Pty) Ltd, Molapo Quyn Outsourcing (Pty) Ltd; and Sizuluntu Staffing Solutions (Pty) Ltd.

In terms of the transaction, the BBBEE shareholding in Sizuluntu Staffing Solutions will not be acquired by Workforce.

Quyn will continue to trade as a stand-alone business through its various operational entities and will form part of Workforce’s Staffing and Recruitment division.

Established in 1988, Quyn offers its domestic and international clients a range of outsourced staff related services including temporary employment solutions, payroll administration and management, HR and IR consulting and permanent placements.

“Quyn’s expertise, which is the provision of technical skills to its clients across a wide range of industries, represents diversification for Workforce, which operates predominantly in the non-technical labour segment”, says Sean Momberg, Managing Director of Workforce Staffing. “The combined entities will allow for the achievement of economies of scale, and optimisation of operations.”

“Access to Workforce’s working capital will expedite Quyn’s growth, while our existing client base will allow Workforce to cross sell and offer its range of diversified human capital related services to our clients” says Wayne Alcock, Managing Director of Quyn. “This is undoubtedly a win-win situation for both parties and we look forward to working with Workforce going forward.”

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https://www.workforce.co.za/images/Group.PressRelease.16.01.20.pdf

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