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Kelly has completed its acquisition of Motion Recruitment Partners (MRP), a move expected to boost EBITDA margins. MRP will continue operating under its existing brands. The acquisition aims to enhance Kelly's staffing and consulting solutions in technology, telecommunications, and government sectors in North America, as well as its global RPO solutions. The purchase price was $425 million, with an additional $60 million contingent on certain performance criteria by March 2025. A webcast detailing the acquisition will be held on June 18, 2024.
Kelly reported Q1 2024 revenue of $1.05 billion, a 17.6% decrease due to sale of European staffing operations. Operating earnings were $26.8 million, up 34% on an adjusted basis. Adjusted EBITDA margin increased to 3.2%. Expect further margin expansion from acquiring MRP in Q2 2024. EPS improved to $0.70 from $0.29 in Q1 2023. Declared dividend of $0.075 per share.
Kelly (Nasdaq: KELYA, KELYB) will be participating in the 18th Annual Barrington Research Virtual Spring Investment Conference on May 16, 2024. The company's key executives will engage in one-on-one meetings, and their investor presentation is accessible on their website.
Kelly (Nasdaq: KELYA, KELYB) has entered into an agreement to acquire Motion Recruitment Partners, for $425 million in cash plus $60 million earnout potential. This transformational acquisition aims to enhance Kelly's staffing and consulting solutions, especially in technology, telecommunications, government specialties, and recruitment process outsourcing (RPO) globally. The deal is expected to close in the second quarter of 2024, subject to regulatory approvals.
KellyOCG has partnered with Upwork Enterprise to offer clients access to global independent talent pools through Helix UX. This strategic partnership allows KellyOCG clients to source, hire, and collaborate with skilled professionals on Upwork through Kelly's Human Cloud solution.
