Current HR Marketplace Earnings and M&A News

The following quarterly HR marketplace earnings and M&A announcements are aggregated by www.HRmarketer.com, the leading online marketing and PR service for the human capital industry. HR Marketer lists the previous quarter's earnings from publicly traded HR companies and all the exciting M&A activity in the growing HR space.

> Go Back to Current HCM Earnings

Winter 2006 / 2007

Previous Quarter’s Earnings:

• Adecco ( ADO): Reported that its third-quarter net income rose 38% to 164 million euros ($209.4 million). Sales rose 11% to 5.3 billion euros after professional services operations grew sales by 15% and office and industrial operations grew sales by 10%. Current trading conditions combined with the key indicators for the global staffing services market continue to point to a favourable growth for the industry, Adecco said, adding that it remains committed to its target of revenue growth of at least 7% to 9% a year.

• Automatic Data Processing Inc. (ADP): For the quarter ended Sept. 30, the company reported net income of $257.5 million, or 46 cents per share, versus a prior-year profit of $220 million, or 38 cents per share. Excluding a gain on the sale of a dealer services investment, the company would have earned 43 cents per share in the latest period.

• Aetna Inc. (AET): Reported that third-quarter profits rose 28 percent, driven in part by aggressive campaigns that added more than 700,000 customers in the last year. Net income for the Hartford-based company rose to $476.4 million, or 85 cents per share, in the three months ended Sept. 30, from $372.8 million, or 62 cents per share, during the same period last year.

• Aflac (AFL): Reported that third-quarter profit shrank 19 percent because of soft sales of medical coverage in Japan, a weak yen and a sharp drop in investment earnings. Third-quarter earnings shrank to $367 million, or 73 cents per share, from $455 million, or 90 cents per share, in the third quarter of 2005, the company said.

• Aon Corp. (AOC): Reported that its third-quarter profit fell 13 percent from last year on a substantial charge and rising expenses. Income for the quarter was $106 million, or 32 cents per share, down from $121 million, or 36 cents per share, in the year-ago period. Revenue for the quarter was $2.17 billion, up 7 percent from $2.02 billion last year.

• Administaff Inc. (ASF): Reported its third-quarter profit increased 69 percent to 43 cents per share, above the analyst consensus estimate of 39 cents per share, as measured by a Thomson Financial poll. Revenue rose 19 percent to $338.4 million from $285.2 million a year ago.

• On Assignment, Inc. (ASGN): Reported record revenues for the quarter ended September 30, 2006 of $75,678,000. Net income for the quarter was $2,699,000, or $0.10 per share, and earnings before interest, taxes, depreciation and amortization (EBITDA) were $4,863,000, which includes $861,000, or $0.02 per share, of FAS 123R expense.

• Callidus Software Inc. (CALD): Announced financial results for the third quarter ended September 30, 2006. Total third quarter revenues were $17.4 million, essentially flat compared to the third quarter 2005 and to the prior quarter. Third quarter license revenues were $5.8 million, equal to the third quarter 2005 and down slightly from the prior quarter. Third quarter maintenance and service revenues were $11.6 million, an increase of 3% compared to the third quarter 2005 and a slight decrease compared to the prior quarter.

• CDI Corp. (CDI): Reported earnings for the third quarter and announced a quarterly cash dividend. For the quarter ended September 30, 2006, the company reported net earnings of $6.1 million, or $0.30 per diluted share, on revenues of $322.5 million. Total third quarter revenue increased 11.0% compared to $290.5 million for the third quarter of 2005 and net earnings increased 46.2% compared to the year-ago quarter. The company also announced a quarterly dividend of $0.11 per share to be paid on November 22, 2006 to all shareholders of record as of November 8, 2006.

• Ceridian Corporation (CEN): Reported third quarter 2006 net earnings of $45.6 million, or $.32 per diluted share, on revenue of $386.5 million. For the third quarter of 2005, net earnings were $25.7 million, or $.17 per diluted share which included $.03 per diluted share in charges, on revenue of $364.1 million. For the nine months ended September 30, 2006, net earnings were $124.0 million, or $.85 per diluted share, on revenue of $1,161.1 million. For the nine months ended September 30, 2005, net earnings were $81.2 million, or $.54 per diluted share, on revenue of $1,079.5 million.

• Computer Horizons Corp. (CHRZ): Announced its financial results for the third quarter and nine months ended September 30, 2006. During the third quarter of 2006, CHC recorded consolidated revenues of $52.6 million, a seven percent decline over the comparable period in 2005. The Company reported a net loss of $3.3 million, or $(0.10) per share, compared with a net loss of $7.3 million, or $(0.23) per share in the comparable period of 2005.

• Cigna Corp. (CI): Reported a 15 percent increase in third-quarter net income, buoyed by a strong showing in its health insurance business as membership rolls increased and the company better managed its medical costs. Shares of the Philadelphia-based company rose $1.99 to close at $118.97 in trading on the New York Stock Exchange.

• Clark Consulting (CLK): Reported third quarter 2006 revenue of $64.5 million, an increase of 5.9% from the third quarter of 2005. First-year revenue (first year commission revenue and consulting revenue) was $36.5 million, as compared to $30.5 million in third quarter 2005. The increase in first-year revenue was primarily attributable to the performance of the Company's Corporate Solutions group, which derives the majority of its revenue from insurance- based sales.

• Concur Technologies Inc. (CNQR): Reported its fiscal fourth-quarter profit fell 52 percent, hurt by an income-tax provision. Quarterly net income dropped to $1 million, or 3 cents per share, from $2.1 million, or 6 cents per share, in the prior-year period. The latest period includes $1.5 million of income tax provisions, which weren't recorded in the prior-year period.

• ChoicePoint Inc. (CPS): Reported a $72.2 million loss for the third quarter as it absorbed charges related to businesses that are up for sale. The Alpharetta-based company, which collects, sells access to and analyzes consumers' personal information, said Tuesday its loss amounted to 86 cents per share in the three months ended Sept. 30, compared with a profit of $39.6 million, or 43 cents per share, in the same period a year ago.

• Convergys Corp. (CVG): Reported its third-quarter profit rose 7 percent, benefiting from revenue growth and operating improvements. Net income rose to $45.2 million, or 32 cents per share, from $42.4 million, or 30 cents per share. Total revenue gained 9 percent to $702.7 million, with customer care revenue adding 10 percent, to $454.8 million, and information management revenue growing 3 percent, to $197.1 million.

• The Corporate Executive Board Company (CEB): Announced financial results for the third quarter and nine months ended September 30, 2006. Revenues for the third quarter increased 26.7% to $118.4 million from $93.4 million for the third quarter of 2005. Net income and earnings per diluted share for the third quarter of 2006 were $21.1 million and $0.52, respectively.

• Gevity HR Inc. (GVHR): Reported its third-quarter earnings fell 11 percent, but came in ahead of the Wall Street consensus estimate. Quarterly earnings slid to $9.6 million, 35 cents per share, from $10.7 million, or 37 cents per share during the same period last year.

• Hewitt Associates Inc. (HEW): Reported its fiscal fourth-quarter profit fell 43 percent, as higher performance-based compensation costs cut into segment income. Net income dropped to $23 million, or 21 cents per share, from $40.5 million, or 37 cents per share, last year.

• Health Net Inc. (HNT): Reported third-quarter earnings rose 16 percent as health plan revenue grew. Quarterly net income totaled $90.9 million, or 76 cents per share, compared with $78.2 million, or 67 cents per share, during the same period last year. Excluding a financing charge and a tax benefit which lowered its profit by 8 cents per share, earnings totaled 84 cents per share.

• Horizon Health Corporation (HORC): Announced financial results for the fourth quarter and year ended August 31, 2006. For the fourth quarter, revenues increased 33.7% to $75.7 million compared with revenues of $56.6 million for the same quarter in the previous year. Income from continuing operations increased to $3.5 million, or $0.23 per diluted share, compared with a loss from continuing operations of $223,000, or $0.01 per diluted share, for the same quarter in the previous year. Net income increased $8.0 million between the periods.

• Heidrick & Struggles International Inc. (HSII): Reported its third-quarter profit fell from the prior-year period, which benefited from a large tax gain. For the quarter ended Sept. 30, the company reported net income of $11.2 million, or 60 cents per share, versus a prior-year profit of $30.4 million, or $1.58 per share. Revenue rose to $130.9 million from $113.9 million in the year-earlier period.

• Health insurer Humana Inc. (HUM): Reported its third-quarter profit more than tripled on higher revenue driven by increased enrollment in its Medicare business and comparison with results depressed by a legal settlement a year ago. The latest earnings still missed Wall Street expectations, and its shares sank more than 6 percent. Net income increased to $159.2 million, or 95 cents per share, for the three months that ended Sept. 30 from $46.8 million, or 28 cents per share, during the same period last year.

• Kelly Services Inc. (KEYLA): Reported that its third-quarter profit rose 41 percent, driven by sharp growth in revenue from its international segment. Net income grew to $17.8 million, or 49 cents per share, from $12.7 million, or 35 cents per share, a year ago. Revenue rose nearly 6 percent to $1.42 billion from $1.35 billion. Revenue from Kelly's international segment, which accounted for 36 percent of sales, grew by nearly 15 percent from a year ago.

• Kforce Inc. (KFRC): Announced results for the third quarter of 2006. Revenues for the quarter ended September 30, 2006 were an all time high of $238.7 million compared to $207.3 million for the quarter ended September 30, 2005 and $234.4 million for the quarter ended June 30, 2006. The Firm reported net income for the third quarter of 2006 of $8.8 million or $0.21 cents per share versus net income of $6.7 million or $0.17 cents per share for the third quarter of 2005, representing a year-over-year improvement of 31.7%. Net income for the quarter ending June 30, 2006 was $8.4 million.

• Korn/Ferry International (KFY): Reported that its fiscal second-quarter profit rose 25 percent on higher fee revenue. Net income increased to $13.6 million, or 31 cents per share, from $10.9 million, or 25 cents per share, during the same period last year.

• Kenexa (KNXA): Announced its operating results for the third quarter ended September 30, 2006. For the third quarter of 2006, Kenexa reported total revenue of $28.0 million, representing an increase of 63% over the $17.2 million recorded for the third quarter of 2005. Subscription revenue was $23.2 million for the third quarter of 2006, an increase of 73% compared to the third quarter of 2005, while professional services and other revenue was $4.8 million for the third quarter of 2006, an increase of 25% over the same period of 2005.

• Kronos Incorporated (KRON): Reported that total revenue for the fourth quarter of Fiscal 2006 increased to $165.4 million from $149.8 million for the same period a year ago. GAAP net income was $15.0 million, or $0.47 per diluted share, compared to $19.4 million, or $0.60 per diluted share for the same period a year ago. In the fourth quarter of Fiscal 2006, amortization and interest related to the company's acquisition of Unicru, Inc. decreased GAAP net income by $0.06 per diluted share.

• Labor Ready, Inc. (LRW): Reported revenue for the third quarter ended Sept. 29, 2006 increased 4 percent to $374.1 million compared to revenue of $360.4 million for the third quarter of 2005. Net income for the quarter increased 14 percent to $24.8 million or $0.48 per diluted share, as compared to $21.8 million or $0.40 per diluted share for the third quarter of 2005.

• Manpower Inc. (MAN): Reported that earnings per diluted share for the three months ended September 30, 2006 increased 33 percent to $1.16 from 87 cents in the prior year period. Net income in the quarter increased to $100.6 million from $76.3 million a year earlier. Revenues for the third quarter totaled $4.6 billion, an increase of 12 percent from the year-earlier period.

• MetLife Inc. (MET): Reported that third-quarter profit rose 35 percent but revenue disappointed analysts. Analysts said the company particularly showed weakness in its sales of individual life insurance, which fell by 32 percent. MetLife is the biggest individual life insurer in North America. Its shares fell $1.82, or 3.09 percent, to close at $57.13 Tuesday on the New York Stock Exchange.

• Magellan Health Services, Inc. (MGLN): Reported operating results for the third quarter of fiscal year 2006. In addition, on the basis of its third quarter performance, the Company now expects that it will end the year at the upper end of its previous guidance range of earnings per diluted common share of $1.81 to $2.18 and segment profit of $190 million to $210 million. For the quarter ended September 30, 2006, the Company reported net revenue of $429.5 million and net income of $21.2 million, or $.54 per diluted common share. For the prior year quarter, net revenue was $454.3 million.

• Monster Worldwide, Inc. (MNST): Reported financial results for the third quarter and nine months ended September 30, 2006. Monster Worldwide revenue grew 38% overall and 33% organically to $285.9 million in the 2006 third quarter from $206.8 million in the comparable quarter of 2005. Results exclude the TMP Worldwide Advertising & Communications business in North America which was sold on August 31, 2006, and is reflected as discontinued operations for all periods presented.

• Medical Staffing Network Holdings, Inc. (MRN): Reported revenues of $95.6 million for the third quarter of 2006, a slight increase from second quarter 2006 revenues of $95.3 million and a decrease of 6.6% from third quarter 2005 revenues of $102.4 million, primarily resulting from the closure of underperforming branches during the Company's previously announced restructuring initiative in the first quarter of 2006.

• Paychex Inc. (PAYX): Reported its first-quarter profit rose 17 percent on a 14 percent increase in revenue. For the quarter ended Aug. 31, Paychex earned $135.1 million, or 35 cents per share, up from $115 million, or 30 cents per share, in the 2006. Revenue grew to $459.4 million from $403.7 million in the year-ago period.

• Resources Connection Inc. (RECN): Reported fiscal first-quarter profit declined largely due to stock compensation costs, which were excluded in the year-ago period. For the quarter ended Aug. 31, net income fell to $11 million, or 22 cents per share, from $15.1 million, or 29 cents per share, in the year-earlier period.

• Robert Half International Inc. (RHI): Reported third-quarter net earnings of $73.6 million, or 43 cents a share, up 14% from $64.4 million, or 37 cents a share, during the year-ago period. The Menlo Park, Calif.-based staffing firm posted revenue of $1.03 billion vs. $867 million.

• Saba ( SABA): Reported financial results for its first quarter of fiscal year 2007, ended August 31, 2006. Total GAAP revenues in the first quarter of fiscal 2007 were $23.2 million, representing a 70% increase compared to $13.6 million in the same quarter last year. Net loss was $2.6 million, or $0.09 per share on a basic and diluted basis, in the first quarter of fiscal 2007 compared to a net loss of $1.6 million, or $0.09 per share, in the same quarter last year.

• Spherion Corporation (SFN): Announced financial results for the third quarter ended October 1, 2006. Third quarter 2006 revenues were $495.5 million compared with $494.5 million in the third quarter of 2005, an increase of 0.2% from the prior year and 4.8% from the second quarter 2006. Earnings from continuing operations were $5.6 million or $0.10 per share in the third quarter of 2006, including stock option expense of $0.01 per share, compared with $6.6 million or $0.11 per share in the third quarter of 2005.

• TALX Corporation (TALX): Reported that fiscal second-quarter earnings from continuing operations increased 14 percent to $8.1 million, or $0.25 per diluted share, from the year-ago $7.2 million, or $0.21 per diluted share. The increased earnings primarily reflected the contribution from recent acquisitions, revenue gains in The Work Number services, and ongoing emphasis on cost controls.

• Taleo Corp. (TLEO): Reported it trimmed its third-quarter loss with more customers on its client list. The company reported a net loss of $757,000, or 4 cents per share, compared with a prior-year loss of $2.5 million, or $16.74 per share. Excluding restructuring costs, stock-based compensation and other special items, Taleo said it earned 4 cents per share in this year's quarter, up from a penny in similar comparisons to the year-ago period.

• Ultimate Software (ULTI): Announced financial results for its third quarter of 2006. For the quarter ended September 30, 2006, the Company reported $28.8 million in total revenues, a 30% increase compared with the third quarter of 2005. Recurring revenues increased 27% to $16.5 million. GAAP net income for the third quarter of 2006 was $1.3 million, or $0.05 per diluted share, versus GAAP net income of $0.7 million, or $0.03 per diluted share for the third quarter of 2005.

• UnumProvident Corp. (UNM): Reported it lost money in the third quarter because of regulatory charges, but profit excluding those charges rose as the company paid out less money in claims as a percentage of its premiums. The company posted a loss of $63.7 million, or 19 cents per share, compared with profit of $52.6 million, or 17 cents per share, in the year-ago quarter.

• Workbrain Corporation (WB): Reported Canadian GAAP financial results for the third quarter and nine months ended September 30, 2006. Workbrain reported third quarter revenue of $24.2 million compared with $21.9 million for the third quarter of 2005, an increase of 11.0%, and compared with $22.4 million for the second quarter of 2006, an increase of 8.1%.

• WellPoint, Inc. (WLP): Announced that third quarter 2006 net income was $810.8 million, or $1.29 per share, an increase of 26.5 percent from $1.02 per share in the third quarter of 2005. Current quarter results included $0.04 per share in tax benefits, resulting from a lower effective tax rate due to changes in the Company's state tax apportionment factors following the WellChoice acquisition, net realized investment gains of $0.01 per share and, as expected, costs of $0.05 per share for expensing stock options in accordance with FAS 123R.

• Workstream Inc. (WSTM): Announced its fiscal 2007 first quarter results for the period ended August 31, 2006. All figures are in U.S. dollars. Total revenue for the first quarter was $6,927,000 compared to $6,342,000 in the prior year's comparable period, an increase of $585,000 or 9%. EBITDA loss for the first quarter of fiscal 2007 was $(1,272,000), or $(.02) per share, compared to an EBITDA loss of $(1,974,000), or $(.04) per share, in the first quarter of fiscal 2006. The Company's net loss for the quarter ended August 31, 2006 was $(2,890,000), or $(0.06) per share, compared to a net loss of $(3,838,000), or $(0.08) per share, in last year's comparable quarter.

Previous Quarter’s M&A Activity:

• ADP® Employer Services (ES), a division of Automatic Data Processing, Inc. (NYSE:ADP - News), a leading provider of outsourced payroll, benefits and HR services, today completed the acquisition of VirtualEdge Corporation, an innovator in the field of recruiting and talent lifecycle management solutions for HR organizations. The acquisition of VirtualEdge significantly expands ADP's Pre-Employment Services suite by providing expert professional recruiting solutions for mid-market, large and global organizations.

• Alerus Financial, a $700 million financial-services company with offices in the Twin Cities, is acquired Stanton Trust Company, a subsidiary of Minneapolis-based Stanton Holdings, Inc. The sale allows Stanton Holdings, through its subsidiaries Stanton Group, Inc. and Stanton Investment Services, Inc., to focus on its core competencies in the areas of compensation, health and welfare, retirement, and risk management.

• Axon Solutions, Inc. one of the largest SAP Business Transformation practices globally, today announced that it has acquired PremierHR, the leading North American SAP Human Capital Management specialist. As part of the acquisition, Axon adds the PremierHR Management Team, an outstanding team of SAP HR consultants and a strong customer base to an already impressive US portfolio.

• BNB Recruitment Solutions has acquired 48% of MRI China Holdings with an option to acquire a further 10% from the majority shareholder and founder, Tony Dickel.

• Capital H Group, a rapidly expanding consulting firm headquartered in Chicago, has acquired Lambert & Associates, Inc., a Chicago-based diversity and inclusion consulting firm founded in 1986. Capital H Group, established three years ago, recently closed another round of private equity funding and is building a national consulting firm through acquisitions and organic growth to help companies create more value—through their people—for better business results.

• Caremark Rx, Inc. (NYSE: CMX) and CVS Corporation (NYSE: CVS) announced that they have entered into a definitive merger agreement. CVS will purchase the pharmacy benefits manager for $21 billion to create the nation's premier integrated pharmacy services provider, combining one of the nation's leading pharmaceutical services companies with the largest pharmacy chain.

• CDC Software , a wholly owned subsidiary of CDC Corporation (NASDAQ: CHINA) and a provider of enterprise software applications, today announced that it has acquired MVI Technology, a leading provider of Real-Time Performance Management (RPM) solutions and services specialized for the unique requirements of the food and beverage, pharmaceuticals and chemicals industries.

• Ceridian Corporation (NYSE:CEN) today announced that it has acquired Ann Arbor, Mich.-based Leade Health, a leading health coaching firm specializing in the areas of weight management, stress management, tobacco cessation, and cardiovascular health.

• Cigna Corp. (CI) said Wednesday it has acquired vielife, a provider of online health-management and coaching programs. Based in London, vielife provides health risk assessment, behavioral-change programs and online coaching for more than 1.3 million people in the United States, Australia, Canada and Europe. Terms of deal were not disclosed. Cigna, a Philadelphia-based provider of employee benefits, said vielife's offerings will combine with Cigna's health-advocacy strengths to better engage consumers, particularly on lifestyle issues.

• ClearPoint Business Resources a privately held workforce management solutions provider, and Terra Nova Acquisition Corporation have entered into a merger agreement pursuant to which ClearPoint will merge with and into Terra Nova.

• Comdata® Corporation , a leader in electronic payment solutions for the transportation, retail, restaurant and hospitality industries, providing gift cards and stored value solutions, announced today the acquisition of HQ Gift Cards, LLC., a provider of mall gift card program management services. Terms of the transaction were not disclosed. Comdata is a wholly owned subsidiary of Ceridian Corporation.

• Dalrada Financial Corporation , (OTC Bulletin Board: DFCO - News) a financial services company devoted to providing business solutions to small and medium-size businesses announced today that its subsidiary, the Solvis Group, Inc. (Pink Sheets: SLVG - News) has acquired Staffing Partners, Inc., a San Diego-based nurse staffing company.

• Emerson Reid & Co . and Leader Associates announced an agreement to merge. The combined entity will continue operations in metropolitan New York and NJ, as well the Emerson Reid operations in Southern New Jersey, suburban Philadelphia and Harrisburg. The terms of the merger were not disclosed, however the combined entity is expected to generate over $29 million in annual revenue.

• Harcourt Assessment, Inc. , a leading test publisher, announced today that it has acquired Edformation, Inc., a privately held company offering its AIMSweb product to education customers. AIMSweb is a research-based screening and progress monitoring tool for use by special education teachers, curriculum specialists and school psychologists as part of a Response to Intervention (RtI) solution.

• HealthMedia, Inc. announced today the acquisition of MySelfHelp.com, the world's premier company for online behavioral health interventions including programs for depression and insomnia. MySelfHelp.com was built upon the premise that behavioral health problems cost employers and health plans billions of dollars each year in lost productivity, disability claims, and healthcare costs.

• Helios HR , a provider of outsourced human resource and consulting services that has been in business since 2001, acquired Vienna Virginia-based HR Advantage for an undisclosed amount. HR Advantage, founded in 2003, provides customers with expert human resource, consulting, administration and recruiting support. Both companies are privately held.

• Independence Holding Co . aquired CA Marketing and Management Services. IHC says the marketing firm will be the primary distribution channel for its life and health products.

• inVentiv Health, Inc. (Nasdaq: VTIV) announced today that is has completed the acquisition of American Speakers Education Research Training LLC (ASERT), a medical education and training company, and DialogCoach(TM) LLC, a specialty training organization that employs proprietary software tools and e-learning solutions to improve sales force effectiveness.

• Kenexa Corporation will buy BrassRing for approximately $155 million to expand its recruitment software and services offerings. Kenexa, formerly TalentPoint, reportedly has more than 2,000 customers. BrassRing's recruiting solutions are used by companies in the aerospace, financial services, health care, and medical technology industries. Associated Press, October 6, 2006

• Knightsbridge Human Capital Solutions , Canada's leading integrated human capital solutions provider, today announced the acquisition of Enns Partners, one of Canada's most-respected and well-established executive search firms.

• Mercer Human Resource Consulting has acquired HRPartnering Pty Ltd (HRP), a specialist talent management business in Australia. Based in Melbourne, HRP has 15 human resource and software professionals.

• MidOcean Partners , a New York and London-based private investment firm, today announced that it has agreed to sell its interest in Thompson Publishing Group ("TPG"), a leading provider of subscription based information services, to its partner Avista Capital Partners.Founded in 1972, Thompson Publishing is one of the foremost professional publishers of information on complex laws and regulatory mandates. With more than 350 publications and approximately 110,000 subscribers, Thompson serves professionals in the human resource, education, government grants, and banking fields via subscription-based handbooks, newsletters, reference services, single-issue publications, and the Internet.

• Monster Worldwide and TMP Worldwide Advertising & Communications agreed to split via a $45 million management buyout of TMP's advertising and recruitment operations. The company is expected to maintain its existing operations in the United States, Canada and India. TMP's buyout team was backed by VSS Mezzanine Partners, a private equity firm in New York City.

• Nordic Capital and TietoEnator have entered into a definitive agreement on the acquisition of TietoEnator’s shareholding in Personec by Nordic Capital Fund V. In 2004 Nordic Capital Fund V acquired 49 per cent of Personec from TietoEnator, which retained a majority stake. Today’s acquisition will give Nordic Capital control of 100 percent of the company together with the management in Personec. The transaction is in line with TietoEnator’s earlier communicated strategy to make Personec an independent company. Personec is the largest supplier of human resources and financial management solutions, as well as consulting and outsourcing services, in the Nordic region. The company is headquartered, in Stockholm, Sweden and employs 1,300 experts and has a customer base of about 18,000 within both the public and private sectors in Finland, Sweden, Norway, Denmark and Estonia. Revenues in 2005 was EUR 129 m.

• Resolve Staffing, Inc. (OTCBB: RSFF) is proud to announce the acquisition of Power Personnel, a New York based staffing firm with annual sales of approximately $12 million. Resolve Staffing has acquired Power Personnel, Inc., located in Rochester, NY. With seven offices in the upstate New York market, Power Personnel provides a variety of temporary staffing, permanent placement and payroll management services. The acquisition gives Resolve a total of 16 staffing offices in the New York and 74 nationwide.

• Sage Software acquired intellectual property from VerticalFalls Software, Inc., a financial services industry solution provider based in Reston, Virginia, that will enable Sage Software to deliver a compliance and document tracking solution based on its ACT! by Sage contact and customer manager to meet the specialized needs of financial services organizations.

• SumTotal Systems Inc. (SUMT.O) said it acquired privately-held MindSolve Technologies Inc. for about $12 million in a cash and stock deal. The provider of business performance technologies said in a statement it would pay about $5.2 million in cash and 925,000 shares of SumTotal Systems common stock.

• Ultimate Software (ULTI), a leading provider of end-to-end strategic human resources, payroll, and talent management solutions, announced today its acquisition of R.T.I.X. Limited, a United Kingdom company, and its wholly owned subsidiary R.T.I.X. Americas, Inc. (RTIX) The acquisition of RTIX expands the performance management and competency-based talent management feature-sets that Ultimate Software can provide midsized and large businesses in the United States and globally.

• Universum , the global leader in employer branding, today announced the completion of its acquisition of WetFeet, Inc., the recruitment solutions provider that helps top employers more effectively attract, hire and retain the right talent.

• Weichert Affiliate Acquires Corporate Relocation Services has acquired Corporate Relocation Services® (C.R.S.), a leading provider of relocation programs to government agencies and corporate clients. Under the terms of the agreement, C.R.S., which was formerly owned by Paxton Van Lines, will remain a separate legal entity, ensuring consistency and continuity of service for its existing clients.