November 09, 2022 17:00 ET
ATLANTA, Nov. 09, 2022 (GLOBE NEWSWIRE) -- EmployBridge, a leading provider of technology-enabled, light industrial workforce solutions in the United States, today announced it has completed the previously announced acquisition of Bluecrew, the first hourly W-2 workforce-as-a-service platform, from IAC (NASDAQ: IAC). The transaction brings together EmployBridge's industry-leading offering and scale with Bluecrew's digital-first model and technology to create a leading national workforce management platform.
Under the terms of the agreement, IAC has received consideration in the form of cash and combined company stock, becoming a minority shareholder in the combined company, which is expected to generate over $4 billion of annual pro forma revenue. Apollo funds remain the combined company's controlling shareholder.
“We are pleased to complete our acquisition of Bluecrew and excited to officially bring our teams together as we continue our work to create a leading national workforce management platform,” said Billy Milam, CEO of Employbridge. “Bluecrew's digital-first approach and sophisticated product offerings further expand the capabilities of EmployBridge's distinguished platform, and we are looking forward to continuing to enhance how we provide unique value for both clients and talent during a critical time for our industry.”
“This combination of scale and tech-centric solutions accelerates our shared vision to sustainably enhance the lives of hourly workers while also improving our customers' workforce management,” said Stephen Avalone, CEO of Bluecrew. “We look forward to collaborating with our new colleagues to revolutionize the experience for workers and businesses across the U.S.”
RBC Capital Markets, Evercore and Houlihan Lokey acted as financial advisors to EmployBridge and Paul Weiss as legal counsel. Morrison Cohen acted as legal counsel to IAC.
As workforce specialists, EmployBridge provides value-added workforce solutions and job opportunities through focused specialty divisions including Decca, Hire Dynamics, ProDrivers, ProLogistix, Remedy Intelligent Staffing, RemX, Resdin, ResourceMFG, Select, and Westaff. Combining the advantages of national scale, in-depth local market knowledge, supply-chain expertise, and powerful recruiting and retention tools, EmployBridge is recognized by Staffing Industry Analysts as America's largest industrial staffing firm. The company puts more than 450,000 temporary associates to work annually across a network of 446 offices in 48 states. In 2021, EmployBridge provided more than 157 million work hours to 13,000 customers. EmployBridge is also helping close the skills gap in America's supply chain by providing free, career-focused skills development courses to its temporary associates as well as personal training courses through the firm's Better WorkLife Academy and Life Skills Studio; more than 28,000 temporary associates are currently enrolled. EmployBridge is majority-owned by certain investment funds managed directly or indirectly by Apollo Global Management, Inc. and its subsidiaries and affiliates. For more information, please visit www.employbridge.com.
Bluecrew is the first W-2 Workforce-as-a-Service platform combining the power of flexible W-2 labor, workforce management technology, and actionable data and analytics for businesses with fluctuating demand and labor needs. Bluecrew blends the reliability of traditional W-2 work with the technology and flexibility of the gig economy, all within a powerful and easy-to-use mobile app for hourly workers seeking flexible, yet stable employment options. Through its data-driven technology, Bluecrew enables seamless workforce scalability by matching businesses––across 25+ markets, spanning warehousing, logistics, catering, hospitality, manufacturing, and more––with over 100,000 pre-vetted, work-ready “Crew Members,” ensuring the most qualified workers and best matches for each job, every time. Learn more at www.bluecrewjobs.com.
IAC (NASDAQ: IAC) builds companies. We are guided by curiosity, a questioning of the status quo, and a desire to invent or acquire new products and brands. From the single seed that started as IAC over two decades ago have emerged 11 public companies and generations of exceptional leaders. We will always evolve, but our basic principles of financially disciplined opportunism will never change. IAC is today comprised of category leading businesses including Angi Inc., Dotdash Meredith and Care.com among many others ranging from early stage to established businesses. IAC is headquartered in New York City with business locations worldwide.
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