Volt Information Sciences to sell VMS software of ProcureStaff Technologies to IQNavigator
"This sale reduces Volt's investment in a non-core business while enhancing our world-class staffing services and managed services provider businesses as we reshape our business to generate greater long-term shareholder value," said Ron Kochman, president and CEO of Volt Information Sciences.
He added, "Software companies with a strong emphasis on VMS software are making significant investments in developing functionality well beyond historical levels. While Volt was an early VMS pioneer, continuing to make increasing investments in VMS software development to compete in a field where VMS-focused companies like IQNavigator now provide outstanding software is no longer core to our business."
"A key part of this agreement is that IQNavigator will operate ProcureStaff's VMS software so there will be no disruption to our existing customers. Moreover, those customers will be able to easily transition to IQNavigator, a VMS software provider known for its outstanding reputation and track record," Kochman concluded.
The cash proceeds of the transaction are not material, nor are the gain on sale or related restructuring costs. The sale is expected to be completed in early 2014 and is subject to customary closing conditions.