January 2, 2023 – Chicago-headquartered executive search, leadership consulting, and culture shaping services provider Heidrick & Struggles has entered into an agreement to acquire Atreus, one of the leading players for executive interim management in Germany. The acquisition expands Heidrick & Struggles’ on-demand talent offering into Continental Europe and is an important component of the firm’s broader strategy to diversify its suite of executive talent and leadership advisory offerings. Financial terms of the acquisition were not disclosed.
“We are seeing a transformation in how organizations are acquiring executive level talent and the expertise they need,” said Dan Ryan, managing partner, on-demand talent, for Heidrick & Struggles. “Having access to top talent to fill roles on an interim basis, or to drive major projects forward, is becoming an increasingly important solution for our clients. The acquisition of Atreus will strengthen our already market leading on-demand talent platform and extend Heidrick & Struggles’ reach in this growing talent market segment, further underscoring our commitment to be at the forefront of delivering an integrated suite of executive talent and leadership advisory solutions.”
Heidrick & Struggles will acquire 100 percent of Atreus subject to the satisfaction or waiver of customary closing conditions, including obtaining applicable regulatory approvals, said Heidrick. The acquisition is expected to occur early in the first quarter of 2023. Atreus generated annual revenue of approximately $61 million in 2021 and will become part of Heidrick & Struggles’ existing on-demand talent offering that includes U.S.-based Business Talent Group (BTG), which the firm acquired in 2021.
Atreus will continue to be led by its co-CEOs, Harald Linné and Rainer Nagel, and operate as a wholly owned subsidiary of Heidrick & Struggles.
A Growing Role
Atreus GmbH helps clients solve particularly challenging transformational situations by placing experienced executives for line, project, and program management tasks. Providing tailor-made and premium quality services, Atreus offers C-suite level and C-suite level relevant interim management solutions. Founded in 2006, the company is led by Dr. Linné and Mr. Nagel, founders and managing partners. Relying on a network of more than 15,000 interim executives, Atreus has carried out more than 400 projects for 250 clients, both in Germany and internationally, in the past year alone.
The demand for interim leaders is only growing. Last year, Korn Ferry expanded its offerings in the interim market with the acquisition of Infinity Consulting Solutions (ICS). Terms of the deal were not disclosed. “Infinity Consulting Solutions will be a great fit, with interim professional placement offerings and expertise that are highly relevant for the new world of work,” said Gary D. Burnison, CEO of Korn Ferry. “Today, Boomers are retiring and career nomads are looking for change – early and often. Our clients have entered a new reality where shortages of skilled labor are projected to persist, particularly in high-demand areas such as IT. Korn Ferry’s acquisition of ICS echoes our commitment to scale our solutions and further increase our focus at the intersection of talent and strategy – wherever and however the needs of organizations evolve.”
An Expanding Portfolio
Headquartered in New York, with nine offices throughout the U.S., ICS offers interim professional solutions expertise which will further enhance Korn Ferry’s portfolio. ICS is a provider of senior-level IT interim professional solutions with additional expertise in the areas of compliance and legal, accounting and finance, and human resources.
The firm brings to Korn Ferry a vast network of senior IT professionals, a data-driven recruitment process, and deep relationships with a diverse mix of clients across multiple industries. ICS has also been recognized with the Best of Staffing Diamond award for 10 consecutive years.
Earlier in the year, Korn Ferry acquired interim executive solutions provider Patina Solutions Group. Patina brings to Korn Ferry interim executive solutions expertise across multiple industry verticals. Patina’s network of C-suite, and professional interim talent spans functional areas of expertise such as finance, operations, legal, human resources, IT and more.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media