On Assignment To Acquire CyberCoders Holdings; Cuts Q4 Revenue Outlook

(RTTNews) - On Assignment, Inc. (ASGN) announced that it has entered into a definitive agreement to acquire CyberCoders Holdings, Inc., a leading national permanent placement recruiting firm, for $94 million in cash and an earn-out opportunity of $11 million.

The company said it also completed the acquisition of Whitaker Medical, LLC, a physician staffing firm, for $17.1 million in cash and an earn-out opportunity of $5 million.

Also, On Assignment stated that it has completed the sale of the Allied Healthcare business unit to Cross Country Healthcare, Inc. (CCRN), for 28.7 million.

The company has updated fourth quarter estimates to reflect the two acquisitions, the sale of Allied Healthcare and recent operating developments.

The company now expects fourth quarter income from continuing operations of $0.31 to $0.33 per share, adjusted income from continuing operations of $0.46 to $0.48 per diluted share and revenues of $418 to $422 million. Analysts now expect fourth quarter $0.32 per share on revenues of $431.63 million.

Earlier, the company expected fourth quarter revenues of $429 million to $433 million.