BGSF, Inc. Acquires Momentum Solutionz, a Nationally Recognized Provider of Information Technology Consulting & Managed Servi...
February 09 2021 - 6:45AM
Business Wire
Broadens
Professional Services Offering and Elevates High-Level Consultant
Sourcing
BGSF, Inc. (NYSE: BGSF), a growing national provider of
workforce solutions, today announced it completed the acquisition
of substantially all of the assets of Momentum Solutionz, LLC. The
purchase price consists of $3.78 million paid at closing and up to
$2.22 million in earnout based on achieving certain agreed upon
performance targets in the first two years after closing, subject
to customary purchase price adjustments. Momentum Solutionz
reported unaudited revenues of approximately $3 million in fiscal
year 2020.
Momentum Solutionz is the 12th acquisition made by BGSF since
2009 as part of its growth strategy to enhance and expand its
portfolio of service offerings and capabilities. The acquisition of
this leading consulting and managed IT solutions provider not only
broadens BGSF’s IT solutions offerings across its installed client
partner base but also creates a niche growth opportunity for
high-level consultant placements.
Momentum Solutionz delivers successful IT solutions to clients
by providing innovative and flexible approaches that yield
top-level performance and unrealized value. The company leverages
an industry leading ticketing system in order to increase the
efficiency, speed, routing and resolution of tasks and projects.
Momentum is a recognized innovator that provides tailored IT
solutions to meet the needs of complex business processes,
including:
- Cloud Services
- Enterprise Professional Services
- Enterprise Resource Planning
- Enterprise Performance Management
- Solution Center
Beth A. Garvey, President and CEO of BGSF, said, “We are excited
to welcome the Momentum Solutionz group and service suite as part
of our team. We have partnered with their leadership and integrated
teams for many years selling solutions through EdgeRock Technology
Partners. They focus on a very high-end market, and the ability to
use their tool across all of our technologies is a huge opportunity
with a higher margin profile for us. Additionally, like EdgeRock,
Momentum Solutionz brings multi-year customer contracts with a
recurring revenue model.”
Jeff Servidio and Lorne Kaufman, Managing Partners of Momentum
Solutionz, added, “We are humbled and thrilled to become part of
the BGSF family. We believe the synergies and momentum we have
created with EdgeRock over the last few years will continue into
the future as we are able to expand our managed services and
project-based services to the BGSF family. These services will
allow BGSF to grow their diversification of services while
complementing the company’s strengths. We believe we are well
positioned with the reputation and vision of BGSF, coupled with our
process and experience, to create growth opportunities both in the
short term, and for years to come.”
About Momentum Solutionz Momentum Solutionz is a provider
of IT consulting and managed services for organizations utilizing
ERP systems. The company’s IT consulting services include strategic
planning, software selection, road mapping, cloud migration and
implementation of ERP systems. The company’s IT managed services
include optimization and maintenance of ERP systems. The company
provides services to clients throughout the United States in a
variety of industries, including but not limited to hospitals,
retail, universities and mid-size businesses.
About BGSF Headquartered in Plano, Texas, BGSF provides
workforce solutions to a variety of industries through its various
divisions in IT, Cyber, Finance & Accounting, Creative, Real
Estate (apartment communities and commercial buildings), and Light
Industrial. BGSF has integrated several regional and national
brands achieving scalable growth. The Company was ranked by
Staffing Industry Analysts as the 70th largest U.S. staffing
company and the 50th largest IT staffing firm in the 2020 updates.
The Company’s disciplined acquisition philosophy, which builds
value through both financial growth and the retention of unique and
dedicated talent within BGSF’s family of companies, has resulted in
a seasoned management team with strong tenure and the ability to
offer exceptional service to our field talent and client partners
while building value for investors. For more information on the
Company and its services, please visit its website at
www.bgsf.com.
Forward Looking Statements The forward-looking statements
in this press release are made under the “safe harbor” provisions
of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may include, but are not limited to,
statements regarding our future financial performance and the
expectations and objectives of our board or management. The
Company’s actual results could differ materially from those
indicated by the forward-looking statements because of various
risks and uncertainties including those listed in Item 1A of the
Company’s Annual Report on Form 10-K and in the Company’s other
filings and reports with the Securities and Exchange Commission.
All of the risks and uncertainties are beyond the ability of the
Company to control, and in many cases, the Company cannot predict
the risks and uncertainties that could cause its actual results to
differ materially from those indicated by the forward-looking
statements. When used in this press release, the words “allows,”
“believes,” “plans,” “expects,” “estimates,” “should,” “would,”
“may,” “might,” “forward,” “will,” “intends,” “continue,”
“outlook,” “temporarily,” “progressing,” and “anticipates” and
similar expressions as they relate to the Company or its management
are intended to identify forward-looking statements. Except as
required by law, the Company is not obligated to publicly release
any revisions to these forward-looking statements to reflect the
events or circumstances after the date of this press release or to
reflect the occurrence of unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20210209005079/en/
Hala Elsherbini or Steven Hooser Three Part Advisors ir@bgsf.com
214.442.0016
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