Harvest Partners has invested in Insight Global Inc. Financial terms were not disclosed. However, Harvest, a New York private equity firm, said its stake is “significant.” Atlanta-based Insight Global is a provider of information technology staffing services.
Harvest Partners, LP (“Harvest”), a New York-based private equity firm, announced today that it has made a significant investment in Insight Global, Inc. (“Insight Global”). Terms of the transaction were not disclosed.
Insight Global, based in Atlanta, Georgia, is one of the fastest-growing providers of information technology staffing solutions in North America, with nearly $350 million in annual sales. Insight Global operates a nationwide network of 21 regional offices, providing exceptional staffing solutions and customer service to more than 1,500 customers. Insight Global fills nearly 10,000 IT staffing placements each year for a diverse range of Fortune 1000 corporations in end markets such as technology, healthcare, energy, telecom, financial services, and government.
“Insight Global is a leader in the $16-billion IT staffing market and ranks among the largest, fastest-growing IT staffing firms,” said Ira D. Kleinman, Senior Managing Director, Harvest Partners. “The company has been consistently gaining market share in this high-growth segment,
and is uniquely positioned to continue its earnings and share growth track record in today’s volatile and uncertain markets. We believe that the Insight Global management and Harvest Partners teams will focus the right financial and strategic resources to capitalize fully on this exciting and timely market opportunity.”
“Our company has a proven, established platform for growth, based on a solid foundation of deep, long-term client relationships,” said Glenn Johnson, Chairman of Insight Global. “Our management team looks forward to our new collaboration with Harvest Partners and to continue to provide exceptional service and value to our customers. Professional staffing has grown substantially over the past 20 years and the industry fundamentals outlook remains strong. The hiring of temporary workers has become a permanent feature of virtually all corporate human resource strategies, enabling businesses to operate with a more variable cost structure and lower working capital, while providing necessary workforce flexibility to meet changing business conditions. Insight Global is on the cutting edge of an expanding market for professional, temporary employment.”
Mr. Kleinman and Jay Wilkins, Principal, Harvest Partners, will join the Insight Global board.