QPS Group Makes Acquisition
QPS Group has acquired Dublin-based financial services recruiter SSC Recruitment through its Irish subsidiary, Qualitas People Solutions Ltd. The exact amount paid was not disclosed, however, the acquisition costs were met by a mixture of cash and deferred performance related payments. No borrowings were required for the acquisition as QPS Group are holding a significant war chest of cash following an equity fundraising completed in September.
Colin Gerstein, QPS Groups' chief executive, was quoted as "extremely happy with the acquisition and delighted to welcome Shane Connolly and his team to the Irish office. Connolly joins the Qualitas Board following the successful conclusion of the deal on Friday last. Group MD Greg McManus added: "Despite a downturn in the financial services sector we are finding a great deal of success in some niche areas where demand is still quite buoyant and we believe we should be able to replicate this activity in the Irish market."