US RGP buys German taskforce – Management on Demand AG

Resources Connection Inc, a multinational business consulting firm operating as Resources Global Professionals (RGP), has announced, as part of an effort to expand and grow its European business, it has acquired taskforce – Management on Demand AG (taskforce) for initial consideration of €6.0 million (approximately $7.1 million), in a combination of cash and restricted stock, plus an earn-out based on performance in calendar 2017, 2018 and 2019.
taskforce is a German professional services firm, founded in 2007, that provides clients with senior interim management and project management expertise. The acquisition of taskforce, an industry leader in the German market with a strong client and consultant base, enhances RGP’s ability to service its global clients and offer more integrated solutions. For the twelve months ended December 31, 2016, taskforce revenues were approximately €12 million (approximately $13.3 million).
Kate Duchene, President and CEO of RGP, said: “Based upon current economic forecasts, we believe there will be a growing need for services both in Germany and the rest of the European market of the type that RGP provides. The acquisition of taskforce significantly strengthens our presence in the vital German market and our ability to serve clients there and throughout the rest of Europe. In addition, both we and taskforce executives believe that the depth and breadth of capabilities RGP brings can and will deliver added value to taskforce clients. RGP has collaborated with taskforce on a number of projects in recent years, and our experience working together has convinced us that this acquisition is right for our clients and for our investors.”
Mark Campbell, Senior Vice President of RGP in Europe, also commented: “This is an exciting move for our growing European practice. taskforce has a very strong brand in the German market, the second largest consulting market in Europe. Together we will focus on continuing to build that brand, whilst leveraging our combined capabilities for our clients. RGP understands that successful acquisitions in professional services require a secure and shared culture. After many months getting to know each other, we are convinced that we have that shared culture. The alignment of business models and values will enable our teams to continue to do what they do best – deliver for our clients.”
taskforce will continue to operate under its existing brand name, while being clearly aligned to RGP. Jens Christophers and Lennart Koch will remain joint CEOs of taskforce and will focus on developing and growing the business including leveraging the benefits and resources of being part of a much larger organization. They will report to Campbell and serve as part of the RGP Leadership team in Europe.