ASGN Acquires Enterprise Solutions for $125M

Ticker: ASGN · Form: 8-K · Filed: 2024-10-23T00:00:00.000Z

Sentiment: neutral

Topics: acquisition, m&a, cloud, cybersecurity

TL;DR

ASGN buying Enterprise Solutions for $125M to boost cloud/cybersecurity biz. Closing Q4.

AI Summary

ASGN Inc. announced on October 23, 2024, that it has entered into a definitive agreement to acquire Enterprise Solutions, a subsidiary of Tech Data Corporation, for $125 million. This acquisition is expected to close in the fourth quarter of 2024 and will be financed through existing cash and a revolving credit facility.

Why It Matters

The acquisition of Enterprise Solutions by ASGN Inc. is expected to expand ASGN's capabilities in the cloud and cybersecurity markets, potentially driving future revenue growth and market share.

Risk Assessment

Risk Level: medium — The acquisition carries integration risks and depends on achieving projected synergies, with potential impacts from market conditions and competition.

Key Numbers

Key Players & Entities

FAQ

What is the primary strategic rationale behind ASGN Inc.'s acquisition of Enterprise Solutions?

The acquisition is expected to expand ASGN's capabilities in the cloud and cybersecurity markets.

Who is the seller of Enterprise Solutions?

Enterprise Solutions is a subsidiary of Tech Data Corporation.

When is the acquisition of Enterprise Solutions expected to be completed?

The acquisition is expected to close in the fourth quarter of 2024.

How will ASGN Inc. finance the $125 million acquisition?

The acquisition will be financed through existing cash and a revolving credit facility.

What is the former name of ASGN Inc.?

The former name of ASGN Inc. was ON ASSIGNMENT INC, with a date of name change in 19930328.

From the Filing

0000890564-24-000021.txt : 20241023 0000890564-24-000021.hdr.sgml : 20241023 20241023165654 ACCESSION NUMBER: 0000890564-24-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20241023 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20241023 DATE AS OF CHANGE: 20241023 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASGN Inc CENTRAL INDEX KEY: 0000890564 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 954023433 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35636 FILM NUMBER: 241389695 BUSINESS ADDRESS: STREET 1: 4400 COX ROAD, SUITE 110 CITY: GLEN ALLEN STATE: VA ZIP: 23060 BUSINESS PHONE: 8188787900 MAIL ADDRESS: STREET 1: 4400 COX ROAD, SUITE 110 CITY: GLEN ALLEN STATE: VA ZIP: 23060 FORMER COMPANY: FORMER CONFORMED NAME: ON ASSIGNMENT INC DATE OF NAME CHANGE: 19930328 8-K 1 asgn-20241023.htm 8-K asgn-20241023 0000890564 false 0000890564 2024-10-23 2024-10-23 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM  8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): October 23, 2024 (October 23, 2024) ASGN Inc orporated (Exact name of registrant as specified in its charter)   Delaware   001-35636   95-4023433 (State or other jurisdiction of incorporation or organization)   (Commission File Number)   (I.R.S. Employer Identification No.) 4400 Cox Road, Suite 110 Glen Allen, Virginia 23060 (Address, including zip code, of Principal Executive Offices) ( 888 ) 482-8068 Registrant’s telephone number, including area code Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of exchange on which registered Common Stock ASGN NYSE Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Item 2.02 Results of Operations and Financial Condition. On October 23, 2024, ASGN Incorporated (the “Company”) announced its financial results for the third quarter of 2024. A copy of the press release is furnished pursuant to Item 2.02 of this Current Report on Form 8-K as Exhibit 99.1. The information in this report, including Exhibit 99.1 attached hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except

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