Digital Intelligence Systems, LLC (DISYS) and Signature Consultants, LLC has announced that an agreement was signed for DISYS to acquire the legal entities of Signature, combine operations, and create a provider of information technology (IT) staffing services in the U.S.
The combined operations will draw on the resources of more than 7,500 employees and consultants, serving clients from more than 40 offices, eight countries, and four delivery centers worldwide. Together, the IT firm will offer capabilities in staffing and recruiting, managed services programs (MSPs), consulting and project management, and automation support.
The current DISYS CEO, Mahfuz Ahmed, will serve as the CEO of the combined organization. Dr. Jay Cohen, founder and former CEO of Signature, will remain with the new entity to continue his oversight of day-to-day functioning of Signature operations and to focus on the cultural integration of the newly- combined organization. The senior leadership teams of both organizations will also remain intact.
“For DISYS, 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 $1B firm,” said Mahfuz Ahmed, DISYS’ CEO. “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.”
“DISYS’ strong operations, successful brand, core values, and exceptional industry practices make them an excellent strategic partner for us,” said Dr. Jay Cohen, founder of Signature. “The combination of our two organizations creates a powerful force in the industry, expanding our clients’ access to an even greater array of IT and professional talent and specialized services and providing enhanced opportunities for our consultants and employees to further their skill development and careers.”
The transaction will be funded through debt financing provided by Wells Fargo Bank and The Carlyle Group. Carlyle’s $56 billion Global Credit platform made the investment with capital primarily from its Credit Opportunities franchise. The Credit Opportunities franchise invests in privately negotiated capital solutions primarily for upper middle market borrowers, including both private equity sponsored and family or entrepreneur-owned companies.
Alex Popov, Carlyle’s Head of Illiquid Credit Strategies, said, “We are excited to partner with industry-leading founders at DISYS and Signature, who have built strong, complementary businesses meeting a growing need for IT staffing, and to provide capital to help them better serve clients and support strategic growth objectives.”
“Wells Fargo is proud to continue our longstanding relationship with DISYS and provide a flexible, asset-based lending solution to support this exciting growth,” said Raphael Torres, Managing Director, Wells Fargo Commercial Capital, Staffing Services Group. “We are honored to be part of this next chapter alongside DISYS’s innovative management team and to continue supporting this strong, minority-owned business with their working capital needs.”
Wells Fargo Commercial Capital continues as the asset-based lender for DISYS. Wells Fargo Securities, LLC served as the exclusive financial advisor to Signature Consultants while Deloitte Consulting provided advisory services on behalf of DISYS.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.