September 8, 2022 – Old Greenwich, Conn.-based recruiting firm Hudson Global Inc. has acquired Hunt & Badge Consulting Private Limited, an India-headquartered provider of recruitment services to customers operating in India. Financial terms of the deal were not disclosed. “We are very excited to welcome the Hunt & Badge team to Hudson RPO and believe this accretive combination will generate considerable value for our clients, team, and stockholders,” said Jeff Eberwein, CEO of Hudson Global. “The addition of H&B expands Hudson RPO’s footprint further into the India recruitment market with an impressive array of deep client relationships with notable multinational companies.”
“H&B’s highly dedicated and experienced delivery team makes it a natural fit for Hudson RPO,” Mr. Eberwein said. “We have identified many potential synergies between the two companies – particularly with last year’s Karani acquisition, whose size, breadth, and growing database of candidates in the Indian market complements H&B’s recruitment expertise and local market knowledge, creating a well-rounded India-focused enterprise with the ability to leverage the global market leadership and reputation of Hudson RPO.”
Hunt & Badge partners with companies of all sizes, including well-known multinationals, across a variety of industries to meet their talent procurement needs.
“Today’s announcement represents the continuation of our disciplined approach to pursuing accretive bolt-on acquisitions to strategically expand Hudson RPO’s capabilities and capacity,” said Mr. Eberwein.
As previously mentioned, Hudson Global also acquired Karani, a Chicago-headquartered recruiting services provider that serves mainly U.S.-based customers from its operations in India and the Philippines. The purchase price was close to $8 million.
Karani partners with recruitment and staffing firms to assist with recruiting, sourcing, screening, onboarding and other talent-related services across a variety of industries. Karani has about 500 employees in India and 100 in the Philippines. “All current employees of Karani and its subsidiaries will be joining Hudson RPO, except for owner and CEO Dan Williams,” said Mr. Eberwein. “Dan will be retiring from his leadership role at Karani and its subsidiaries but will be an advisor to us for a period of 12 months. We congratulate Dan on his many successes in the human capital management industry over his long, storied career and wish him well in his future retirement.”
“Everyone at Karani and its subsidiaries should be very proud of this milestone; it is a testament to their hard work and dedication to our clients,” Mr. Williams said. “Karani is thrilled to join forces with Hudson RPO to accelerate growth, continue to provide excellent service to existing clients, begin to serve Hudson RPO’s clients and together win enterprise RPO business around the world.”
Hudson Global recently recorded revenue of $51 million increased 28.4 percent from the second quarter of 2021 and 37.4 percent in constant currency. In the second quarter of 2022, Americas revenue of $14.4 million increased 169 percent and adjusted net revenue of $13.8 million increased 177 percent from the second quarter of 2021. Asia-Pacific revenue of $29.9 million increased 12 percent and adjusted net revenue of $9.2 million increased 42 percent in the second quarter of 2022 compared to the same period in 2021. Europe revenue in the second quarter of 2022 increased 34 percent to $6.6 million and adjusted net revenue of $4.3 million increased 49 percent from the second quarter of 2021.
“Our business exhibited very strong growth in revenue, adjusted net revenue, and adjusted EBITDA across all three regions in the second quarter of 2022 vs. the prior year quarter,” said Mr. Eberwein. “Globally, our sales teams continue to deliver new business wins while our delivery teams continue to provide excellent service to our clients. The strong momentum and organic growth we have been generating is a testament to the dedication and quality of our team. Consistent with our growth strategy, we continue to invest in organic growth and evaluate potential bolt-on acquisition opportunities.”
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Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media