HOUSTON, Aug. 26 /PRNewswire/ -- CORESTAFF, Inc. (Nasdaq: CSTF), one of
the largest national providers of information technology (IT) services and
staffing services, today announced it has acquired R. P. Accord Systems, Inc.
R. P. Accord is a specialized provider of strategic information technology
services, focused exclusively on providing experienced resources for
implementing Oracle and PeopleSoft enterprise resource planning applications
software. The company generated gross revenues for the 12 months ended
June 30, 1997, of $6.2 million. Other terms of the transaction were not
disclosed.
R. P. Accord, headquartered in Fremont, California, is a business alliance
partner with Oracle Corporation and a contracting services partner with
PeopleSoft, Inc. Partner status is awarded by Oracle and PeopleSoft to
service providers that meet specific standards. The company currently employs
70 consultants, of which 55 specialize in Oracle applications and
15 specialize in PeopleSoft applications. The company initially focused on
Oracle applications and, due to R. P. Accord's involvement in many significant
implementations of Oracle applications in the Silicon Valley, quickly
established a major presence in this arena.
The tremendous demand for consultants trained in PeopleSoft applications
led R. P. Accord to start a PeopleSoft practice in April 1997. Since then,
the company has worked closely with PeopleSoft to train consultants to support
human resource management systems, financial, distribution, manufacturing,
supply chain planning and materials management applications. To enhance its
existing base of PeopleSoft consultants, R. P. Accord recently established a
PeopleSoft training program in Puna, India.
Commenting on the transaction, Michael T. Willis, CORESTAFF's president
and chief executive officer, said, "The acquisition of R. P. Accord represents
the entry of our IT services subsidiary, COMSYS, into the PeopleSoft
application services sector and will significantly increase the presence of
COMSYS in the area of Oracle applications. With the addition of R. P. Accord
consultants, COMSYS now has more than 225 consultants on assignment in the
Silicon Valley/Bay Area. We plan to continue to build our presence in these
dynamic markets."
Established in 1993, CORESTAFF, Inc. is one of the largest national
providers of information technology (IT) services and staffing services
through its two business groups: the IT Services Group, which is comprised of
COMSYS Information Technology Services and the IT Solutions unit, and the
Staffing Services Group, which operates under the name CORESTAFF Services.
The company, with pro forma revenues in excess of $925 million, operates
148 branches in 28 states, the District of Columbia, the United Kingdom and
India.
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, important factors which would cause results to differ materially are
set forth under the caption "Risk Factors" in the company's annual report on
Form 10-K, a copy of which is available upon request from CORESTAFF's investor
relations department.
SOURCE CORESTAFF, Inc.
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CONTACT:
Austin P. Young, EVP, or Edward L. Pierce,
CFO, of CORESTAFF, 713-961-3633; General Inquiries, Marilyn
Windsor, 312-640-6692, or Analyst Inquiries, Janine Warell,
312-640-6775, or Media Inquiries, Laura Kuhlmann, 312-640-6727,
all of The Financial Relations Board
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