HOUSTON, TEXAS (December 7, 2020) – Statesman Corporate Finance, LLC (“Statesman”) is pleased to announce that ICON Information Consultants, L.P. (“ICON”) has acquired Vendorpass, Inc. (“Vendorpass”) from Modis, Inc., a wholly owned subsidiary of The Adecco Group (OTC: AHEXY) (“Adecco”). Statesman served as the exclusive financial advisor to ICON throughout the transaction, which closed November 2, 2020.
Pamela O’Rourke, CEO of ICON Information Consultants, stated: “This acquisition gives us the opportunity to deliver our core services at greater scale. Vendorpass has built a strong brand and will continue to operate under its name. It has a wide client base that will benefit from the combined infrastructure of the two entities.”
Vendorpass, which has been in business since 2007, has been a stalwart provider of employer of record and independent contractor compliance services to enterprise companies. “We believe with the complexity of the labor market today, the shared experience and knowledge will mutually benefit our respective clients. Vendorpass in combination with ICON and Genesys Talent, our direct sourcing technology company, positions the ICON group of companies to pave the way to a more innovative alignment of sourcing, recruiting, paying, and managing talent,” added O’Rourke.
Clay Tucker will continue to lead Vendorpass. “Vendorpass is an important niche business that has thrived inside of the Adecco Group. We are pleased to have reached an agreement with ICON and believe they are the ideal acquirer from a cultural and directional perspective. As we look forward, we see strong potential for future growth. We are committed to business continuity through this transition period, and to the continued success of our valued customers, billable associates, and employees,” stated Tucker.
“Statesman was instrumental in our recent strategic acquisition and did an outstanding job of modeling the benefits of the transaction, developing our board and financing presentation, and in helping us find the right banking partner, enabling the transaction to go forward.” – Tim O’Rourke, Chief Operating Officer of ICON Information Consultants.
About the other transaction participants
Statesman Corporate Finance, LLC (Houston & Austin, TX) is the FINRA-licensed broker dealer affiliate of Statesman Business Advisors, LLC. and is a leading middle-market investment banking firm providing merger and acquisition, capital formation, valuation, and other general corporate financial advisory services to middle-market companies throughout the US. Senior Advisor David Sargent, Managing Principal Will Jaco, Director Gary Canon, and Vice President Peter Chiu led the transaction on behalf of Statesman.
The Adecco Group (OTC: AHEXY) (Zürich, Switzerland) is one of the world’s largest Human Resources providers and temporary staffing firms with more than 5,200 offices in 60 countries and is a Fortune Global 500 company. Adecco’s primary services are temporary staffing, permanent placement, career transition and talent development as well as business process outsourcing and consulting. Adecco covers many sectors, including office, industrial, technical, financial, and legal, amongst others.
BMO Harris Bank N.A. (“BMO”) (Chicago, IL) provided financing to Icon in connection with the transaction. BMO, a subsidiary of the Bank of Montreal, is a US based commercial bank with $152 billion in assets and over 500 branches throughout Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin. BMO is one of the premier lenders to the staffing industry in North America. Charlie Cunningham in BMO’s Dallas loan production office led the transaction.