Bowstring Advises Veritaaq in its Acquisition by Experis
October 20, 2015 | Atlanta, GA
Bowstring Advisors (“Bowstring”) served as the exclusive financial advisor to IT consulting services provider Veritaaq in its sale to Experis. Experis, the global leader in professional resourcing and project-based solutions, is part of ManpowerGroup’s (NYSE: MAN) family of companies. The transaction was originally announced in August and was recently completed after expiration of a regulatory hold period. This acquisition of majority ownership of Veritaaq enables Experis to further strengthen its capabilities across North America, and complements the organic growth of the Experis business in Canada.
Veritaaq is one of the largest suppliers of IT consulting services to Canada’s federal government and partner to leading telecommunications, financial services, and oil and gas organizations. Veritaaq currently operates in Ottawa, Toronto, Montreal, Vancouver and Calgary.
“This strategic partnership helps further accelerate our strategy of shifting our business mix towards higher value and professional solutions,” said Jonas Prising, ManpowerGroup CEO. “Employers need the best IT professionals to keep pace with technological advances, and this acquisition allows us to bring even more IT talent to organizations so they can achieve their business objectives.”
“Veritaaq has been looking for a partner to help us continue our growth strategy and build on our success,” said Paul Genier, Veritaaq President. “I am delighted that we have found that partner in Experis, and this strategic initiative will provide tremendous benefits in dramatically increasing Veritaaq’s breadth and scale of service offerings. We are extremely appreciative of the work the Bowstring team has done to bring about this successful outcome.”
Alan Bugler, Director at Bowstring Advisors, said, “We were delighted to work with the management team of Veritaaq as they evaluated partnership opportunities. Veritaaq’s culture and service offerings align nicely with Experis. The two companies’ strong reputations and growth make the combined organizations one of the premier Canadian providers of IT consulting services.”
This strategic initiative will provide tremendous benefits in dramatically increasing Veritaaq's breadth and scale of service offerings. We are extremely appreciative of the work the Bowstring team has done to bring about this successful outcome.