The Adecco Group Explained

The Adecco Group AG
Type:Aktiengesellschaft
Traded As:
SMI MID component
Area Served:Worldwide
Key People:Jean-Christophe Deslarzes (Chairman)
Denis Machuel (CEO)
Industry:Professional services
Services:Employment agencies, recruitment, human resource consulting and outsourcing
Revenue: €20.949 billion (2021)[1]
Operating Income: €780 million (2021)
Net Income: €586 million (2021)
Assets: €11.865 billion (2021)
Equity: €3.800 billion (2021)
Num Employees:32,000 (FTE 2021)
115,000 (2021)
Predecessors:Ecco
Adia Interim
Hq Location:Zürich, Switzerland
Locations:5,200 branches in over 60 countries and territories

The Adecco Group is a SwissFrench[2] company based in Zürich, Switzerland. It is the world's second largest human resources provider and temporary staffing firm.[3] It is a Fortune Global 500 company[4] and is listed on the SIX Swiss Exchange.

Services offered by the group include temporary staffing, permanent job placement, career transition, and talent development in the office, industrial, technical, financial, and legal sectors, as well as business process outsourcing and consulting. the company had placed 115,000 workers in full time employment and had 500,000 workers in temporary roles daily. It operates three global business units: Adecco, Akkodis,[5] and LHH. Its operating brands include Badenoch & Clark, DIS AG, General Assembly, Innovation Foundation, Lee Hecht Harrison, Modis, Pontoon, Spring Professional, and Yoss.[6] [7]

History

The Adecco Group was formed on 1 January 1997 by the merger of the French company Ecco founded in Lyon as Interecco in 1964,[8] and the Swiss company Adia Interim, founded in Lausanne in 1957 as Adia.[9]

In 2015, Alain Dehaze becomes CEO[10] and, in 2022, was succeeded by Denis Machuel as CEO.[11] [12]

Mergers and acquisitions

In September 1997, the company acquired US temporary staffing company TAD Resources International of Cambridge, Massachusetts, for $387.5 million.[13] [14]

The company acquired Olsten Staffing in late 1999, and became the largest recruitment company in the U.S., with a combined revenue of €11.6 billion.[15]

UK recruitment company Spring Group was acquired in 2009,[16] and a year later in 2010, Jacksonville, Florida-based staffing firm MPS Group was acquired for an estimated 1.3 billion.[17]

At the start of 2011, The Adecco Group began a joint venture in Shanghai with Chinese HR services company FESCO[18] and in September of that year, acquired US-based Drake Beam Morin, Inc.[19]

In January 2012, it was announced that the company had acquired Japanese staffing service VSN Inc.[20]

2014 saw the acquisition of U.S freelance worker-on-demand company OnForce of Lexington, Kentucky[21]

Canadian recruitment services company Knightsbridge Human Capital Solutions, a company offering career transition, talent and leadership development, was acquired in 2015.[22]

In March 2016, the company acquired UK recruitment services company Penna Consulting PLC.[23]

The Adecco Group acquired Vettery, a recruitment marketplace startup, for $100 million USD in February 2018.[24] In April of that same year, the U.S.-based education technology provider General Assembly was acquired.[25]

In 2019, the company announced the sale of U.S. healthcare staffing business Soliant Health to Olympus Partners for a cash consideration of $612 million.[26] [27]

In November 2020, Vettery purchased competing tech marketplace Hired for an undisclosed amount[28] and combined the two business's products under the Hired brand.[29]

French engineering and technology consulting firm Akka Technologies was acquired in July 2021 for a reported €2.0 billion.[30]

See also

Notes and References

  1. Web site: Annual Report 2021 . 20 March 2022 . The Adecco Group. PDF.
  2. Web site: Upcoming Adia, Ecco merger to create a personnel giant - Silicon Valley Business Journal. Silicon Valley Business Journal. 2016-04-05. https://web.archive.org/web/20051212212057/http://www.bizjournals.com/sanjose/stories/1996/12/02/story7.html. 12 December 2005. live.
  3. Web site: Randstad and Adecco Rank First and Second on SIA'S 2019 Largest Global Staffing Firms List. staffingindustry.com. 18 February 2020.
  4. Web site: The world's 500 largest companies. 2019 Report.. Fortune.com.
  5. Web site: Akkodis.com . 15 May 2023 . Akkodis.com.
  6. Web site: Adecco Group Website - Our Solutions . 15 May 2023 . The Adecco Group.
  7. Web site: The Adecco Group – find out more about the industry leader in Human Resources solutions at a glance . 31 January 2019 . https://web.archive.org/web/20190105114321/https://www.adeccogroup.com/our-company/our-brands/ . January 5, 2019.
  8. Web site: Philippe Foriel-Destezet, a committed visionary and entrepreneur . 2021-07-07 . 2024-08-10 . . https://web.archive.org/web/20240730031240/https://www.hec.edu/en/your-support-matters/news/philippe-foriel-deste-zet-committed-visionary-and-entrepreneur . 2024-07-30 . live.
  9. Web site: Upcoming Adia, Ecco merger to create a personnel giant - Silicon Valley Business Journal. Silicon Valley Business Journal. 2016-04-05. https://web.archive.org/web/20051212212057/http://www.bizjournals.com/sanjose/stories/1996/12/02/story7.html. 12 December 2005. live.
  10. Web site: Adecco Board appoints Alain Dehaze as CEO - Recruitment International . https://web.archive.org/web/20171107025117/https://www.recruitment-international.co.uk/blog/2015/05/adecco-board-appoints-alain-dehaze-as-ceo . 7 November 2017 . 1 November 2017 . Recruitment-international.co.uk.
  11. Web site: Adecco recruits former Sodexo boss Machuel as new CEO .
  12. News: 5 May 2022 . UPDATE 3-Adecco recruits former Sodexo boss Machuel as new CEO . Reuters.
  13. Web site: INTERNATIONAL BRIEFS; Adecco to Acquire Massachusetts Company. 18 September 1997. 8 February 2023. Dow Jones. The New York Times.
  14. Web site: Switzerland's Adecco to Buy Staffing Firm for $387.5 Million. Dow Jones Newswires. 17 September 1997. 8 February 2023. wsj.com.
  15. News: World's Largest Temp Firm Adecco to Buy Olsten and Take Lead in U.S.. Los Angeles Times.
  16. Web site: Adecco's acquisition of Spring creates one of the largest recruitment companies in the UK. Hrmagazine.co.uk. 2016-04-12. https://web.archive.org/web/20171107005707/http://www.hrmagazine.co.uk/article-details/adeccos-acquisition-of-spring-creates-one-of-the-largest-recruitment-companies-in-the-uk. 7 November 2017. live.
  17. Web site: Jacksonville's MPS Group agrees to buyout by Swiss firm Jacksonville.com . https://web.archive.org/web/20100105202450/http://jacksonville.com/business/2009-10-20/story/jacksonvilles_mps_group_agrees_to_buyout_by_swiss_firm . 13 January 2015 . 5 January 2010 .
  18. Web site: Adecco, FESCO establish new HR venture. China Daily. 1 November 2017. https://web.archive.org/web/20171107012052/http://www.chinadaily.com.cn/bizchina/2010-12/04/content_11652466.htm. 7 November 2017. live.
  19. Web site: Adecco Announces Plan to Acquire Drake Beam Morin – Workforce Magazine. 26 July 2011. Workforce.com. 1 November 2017. https://web.archive.org/web/20160530221100/http://www.workforce.com/articles/adecco-announces-plan-to-acquire-drake-beam-morin. 30 May 2016. live.
  20. Web site: Deals - Corporate LiveWire - Corporate LiveWire. Corporatelivewire.com. 1 November 2017. https://web.archive.org/web/20171107025016/http://www.corporatelivewire.com/deal.html?id=adecco-to-acquire-japan-based-professional-staffing-firm-vsn-inc. 7 November 2017. live.
  21. Web site: OnForce acquired by European Adecco Group, will join with Beeline. Betaboston.com. en-US. 2016-04-05. https://web.archive.org/web/20160421165437/http://www.betaboston.com/news/2014/08/11/onforce-acquired-by-adecco-will-partner-with-beeline-to/. 21 April 2016.
  22. Web site: Adecco acquires Knightsbridge Human Capital Solutions. 2.staffingindustry.com. 1 November 2017.
  23. Web site: Adecco says Brexit uncertainty hitting UK finance jobs. https://web.archive.org/web/20200709233137/https://de.reuters.com/article/uk-adecco-results/adecco-says-brexit-uncertainty-hitting-uk-finance-jobs-idUKKCN0Y10PY. dead. 9 July 2020. Reuters. 1 November 2017.
  24. Web site: Ha . Anthony . 2018-02-20 . Adecco Group acquires recruiting startup Vettery for $100M . 2024-08-12 . TechCrunch . en-US.
  25. Web site: Miller . John . 16 April 2018 . Adecco buys General Assembly in $412.5 million deal to boost growth . 12 August 2024 . Reuters.
  26. Web site: Adecco to sell Soliant Health to Olympus Partners for $612M . 2024-08-12 . www.spglobal.com . en-us.
  27. Web site: Sexton . Lauren . 2019-11-05 . The Adecco Group announces divestment of Soliant Health in US . 2020-04-06 . www.recruitment-international.co.uk . en.
  28. Web site: Ha . Anthony . November 24, 2020 . Vettery acquires Hired to create a ‘unified’ job search platform . 2022-03-17 . TechCrunch . en-US.
  29. Web site: 2021-04-13 . Hired solidifies position as world’s largest AI-driven hiring marketplace amid record hiring activity . 2022-03-17 . highlights . en.
  30. Web site: Revill . John . 28 July 2021 . Adecco Group to buy AKKA Technologies in $2.4 bln deal . 16 August 2024 . Reuters.

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