McLean-based DISYS to acquire Florida staffing company
Deal will create company with $860M in revenue
McLean-based global managed services and staffing firm Digital Intelligence Systems LLC (DISYS) has signed an agreement to acquire Signature Consultants LLC, an IT staffing, consulting and managed solutions company headquartered in Fort Lauderdale, Florida, DISYS announced Wednesday.
Exact financial details of the transaction were not disclosed, but the deal creates a company with 8,500 employees and combined annual revenues of $860 million. DISYS says the transaction makes it one of the nation’s 10 largest IT staffing companies, as well as the second-largest minority-owned staffing company in the country, according to a company news release. Wells Fargo & Co. and Washington, D.C.-based The Carlyle Group will provide debt financing for the transaction.
DISYS CEO and co-founder Mahfuz Ahmed will serve as CEO for the combined organization. Both companies will retain their respective branding and Signature founder and former CEO Jay Cohen will remain with the new company, overseeing day-to-day operations at the Signature subsidiary, as well as its cultural integration with DISYS.
“We think we’re going to build a powerhouse,” Ahmed said in an interview, noting that the two companies are closely matched in size and had only 10 overlapping clients. “This deal was not just about getting bigger; it was about truly getting better. That’s what we’re really excited about.”
In a statement issued on Wednesday, Ahmed said, “Combining forces with Signature is a great strategic fit for both of our organizations. This brings expanded opportunities as we continue to diversify our account portfolio and puts us within striking distance of becoming a $1 billion firm. DISYS and Signature share attributes that create a synergistic whole and we believe our complementary service offering will enable us to reach new levels of growth. We are stronger together and look ahead to a bright future as we continue to set the standard for the staffing and solutions industry.”
Founded in 1994 out of a co-founder’s basement, DISYS reported $437 million in revenues in 2020 and the company employs about 4,800 people, including 800 subcontractors. Signature LLC reported about $445 million in revenue for 2020 and was established in 1997. The combined company will have more than 40 offices and four delivery centers located in the U.S. and eight other nations.