Hays Recruitment buys 80 per cent stake in IT staffer Veredus

Tom Beck
LEADING British human resources and recruitment company Hays has acquired 80 per cent of Veredus Corporation, a specialist IT staffer based in Tampa, Florida, for $44m (£28m).

Veredus has 10 offices and 150 employees scattered throughout the south east and mid west of the US, and generates 85 per cent of its net fees from contracting and temporary assignments. The remaining 20 per cent of equity will be retained by selling shareholders. “The acquisition of Veredus provides the ideal platform for us to import our complementary recruiting expertise and relationships from across the group, driving diversified growth and better serving our many clients for whom the US is a key market,” said Hays chief executive Alistair Cox.

Stockbroker Shore Capital has given Hays a “buy” rating noting that “the deal makes a huge amount of sense for Hays”, which is cur­rent­ly “under-represented in the US”.

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