HOUSTON, Jan. 8 /PRNewswire/ -- CORESTAFF, Inc. (Nasdaq: CSTF), one of the
largest national providers of information technology (IT) services and
staffing services, announced today it has acquired Sage I.T. Partners, Inc.
(Sage), a San Francisco-based IT solutions company. Sage is projected to
generate 1998 revenues of approximately $11 million. Other terms of the
transaction were not announced.
Sage specializes in developing Internet-enabled solutions for its clients
in a number of industries including financial services, high technology,
telecommunications, retail and health care, as well as government. Sage's
clients include Bank of America, Lockheed-Martin IMS, Netscape Communications,
Longs Drugs, UniHealth, Safeway, Cadence Design Systems and Amgen.
Sage was founded in 1994 by Gene Rooney and David Stanton, who will
continue to manage the business after closing. Along with its San Francisco
headquarters, Sage has an office in Denver. The company currently has more
than 60 consultants. Sage will join CORESTAFF's Metamor Solutions unit.
Commenting on the transaction, Michael T. Willis, CORESTAFF's president
and chief executive officer, said, "Sage's leading-edge, Internet-based
consulting services are a powerful addition to CORESTAFF's growing IT
solutions offerings. With each Metamor acquisition that CORESTAFF makes, we
become better positioned to provide a broad spectrum of services to each of
our existing clients and we develop new relationships with organizations
requiring robust IT solutions. We are committed to building a significant
practice area in the Internet/Intranet space."
Sage provides strategic planning, project management, technology selection
and software development for mission-critical web systems. Sage also has
developed an innovative solutions delivery methodology known as the Atlas
Delivery Process(TM) to partner with its clients in implementing creative
solutions. In addition to Atlas(TM), Sage's offerings include
Internet/Intranet application development services, Forte application
development services, Forte-to-Web application development services and Sage
SCAFFOLDS(TM) framework for Forte. Sage delivers its services in rapid time
frames on a time-and-materials basis or a fixed-fee, fixed-time basis.
Established in 1993, CORESTAFF, Inc. is one of the largest national
providers of information technology services and staffing services through its
two business groups: the IT Services Group, which is comprised of COMSYS
Information Technology Services and Metamor Solutions, and the Staffing
Services Group, which operates under the name CORESTAFF Services. The
company, with pro forma revenues in excess of $1.0 billion, operates 153
offices in 28 states, the District of Columbia, India and the United Kingdom.
Except for historical information, all of the statements, expectations and
assumptions contained in the foregoing are forward-looking statements that
involve a number of risks and uncertainties. Although the company has used
its best efforts to be accurate in making those forward-looking statements, it
is possible that the assumptions made by management may not materialize. In
addition, the information set forth under the caption "Risk Factors" in the
company's Registration Statement on Form S-3 (File No. 333-31509) and in the
company's Form 10-K for the fiscal year ended December 31, 1996, describe
certain additional risk and uncertainties that could cause actual results to
vary materially from the future results covered in such forward-looking
statements.
SOURCE CORESTAFF, Inc.
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Related links:
http://www.corestaff.com,
http://info@safesoln.com
CONTACT:
Austin P. Young, EVP, or Edward L. Pierce,
CFO, 713-548-3400, both of CORESTAFF; or Marilyn Windsor, General
Inquiries, 312-640-6692, Janine Warell, Analyst Inquiries,
312-640-6775, or Darcy Bretz, Media Inquiries, 312- 640-6756, all
of The Financial Relations Board
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