The March Group: CoreTech Acquires U.S. Staffing Services Company
Posted by Kelli Matonak on Mon, Mar 08, 2010 @ 01:56 PM
CORAL SPRINGS, Fla., March 8, 2010 - The March Group (TMG), a leading, private mergers and acquisitions advisory firm specializing in the sale of middle-market businesses, announced today that CoreTech Consulting Group LLC (CoreTech) acquired the assets of a March Group client. The March Group's client provides comprehensive consulting and staffing services for leading telecom and technology companies. The March Group introduced the parties last September and finalized the $11.8 million purchase on Feb. 1, 2010.
The March Group's client began building his privately-held IT staffing company eight years ago. The company has grown rapidly and now serves clients across the United States. The founder/president and all company employees will remain with CoreTech in their current capacities. Most of the company's assets were purchased and CoreTech has an option to buy the rest.
CoreTech, based in King of Prussia, Pennsylvania, is a provider of quality IT staffing, consulting and project solutions. Its services help companies leverage technology to enhance business processes. This is achieved by delivering high-impact, high-value staffing solutions and innovative strategies that bridge the gap between business and technology. This purchase increases CoreTech's U.S. market share and customer base.
The March Group created and executed a comprehensive marketing plan, evaluated suitors and financials, negotiated the deal and counseled its client through the entire purchase process.
"Seventy-five companies expressed interest in purchasing our client's company before we settled on three finalists," said The March Group's Managing Director Eric F. Rosenbaum who spearheaded this deal. "Of these finalists, CoreTech was the best fit because it satisfied our client's goals of providing economic security for his family and offering a retirement option in three to five years."
About CoreTech
CoreTech was founded in 1992 and in 2001became a subsidiary of Israel-based Magic Software Enterprises Ltd. (NASDAQ: MGIC). Magic Software is a global provider of multiple-mode application platform solutions - including Full Client, Rich Internet Applications (RIA), Mobile or Software-as-a-Service (SaaS) modes - and business and process integration solutions. Magic Software has 10 offices worldwide and a presence in over 50 countries with a global network of ISV's, system integrators, value-added distributors and resellers and consulting and OEM partners.
About The March Group
Founded in 1986, The March Group is headquartered in Coral Springs, Florida, and has offices throughout the United States and worldwide. The company employs over 200 professionals and has built a dynamic network of business contacts all over the globe. The March Group specializes in the marketing, negotiation and sale of privately held middle-market businesses. The March Group has successfully helped hundreds of business owners sell their companies by connecting them with buyers.
For more information about The March Group, please visit the following:
www.MarchGroup.com
www.Corporations4Sale.com
www.facebook.com/TheMarchGroup
www.Twitter.com/TheMarchGroup
Media contact:
Kelli Matonak
Corporate Marketing Director, The March Group
954-282-3336
kmatonak@marchgroup.com