Frequently Asked Questions (FAQ’s) about the Acquisition
On January 8, 2014 IQNavigator, the leading provider of non-employee workforce management solutions to Global 2000 companies, will publicly announce its acquisition of certain assets of ProcureStaff Technologies, a subsidiary of Volt Information Sciences and the developer of ProcureStaff’s vendor management system (VMS) applications. The acquisition advances IQNavigator’s market leadership by combining its best-in-class technology and commitment to accelerating industry innovation with the award-winning history of client support and talents of the ProcureStaff team.
The purpose of this Frequently Asked Questions document is to provide additional detail regarding the acquisition with the following sections:
Why is IQNavigator acquiring certain assets of ProcureStaff Technologies?
IQNavigator CEO and President Joe Juliano believes that the acquisition of certain assets of ProcureStaff Technologies, the vendor managed system (VMS) subsidiary of Volt Information Sciences, perfectly aligns with our stated corporate vision as well as in our ability to deliver value to our customers, our partners and our employees.
The acquisition accelerates IQNavigator’s goal to significantly grow our company and achieve industry leadership through superior execution, differentiation and customer success. By combining IQNavigator’s best-in-class technology and R&D investment with the award-winning account management and customer services of ProcureStaff, we can offer our combined base of customers and partners with a proven, world-class VMS solution with the expanded functionality and ongoing innovation required to profitably manage the explosive growth in contingent labor.
Why is Volt Information Sciences selling its VMS subsidiary?
Technology companies such as IQN have emerged with a singular focus on VMS, and their increased investment in developing this technology is transforming how enterprises manage their workforce. As Volt focuses its investment in strategic core businesses in staffing and managed service programs, the sale to a VMS software leader makes sense. After extensive due diligence, the leaders at Volt and ProcureStaff determined that IQNavigator offered the most valuable path forward for its clients, partners, employees and shareholders.
How will this deal position IQNavigator to help companies better manage their contingent workforce?
Faced with a variety of drivers—from economic uncertainties and a graying workforce to the Patient Protection and Affordable Care Act (PPACA), companies of all sizes are rethinking how they manage their talent. In these dynamic times companies should be able to rely on their technology providers to lead the way. IQNavigator’s acquisition proves its commitment to creating and leading VMS innovation. The acquisition enables IQNavigator to establish a clearly differentiated company at the forefront of the VMS industry with:
- IQNavigator, the proven leader in delivering VMS technology innovation with a global customer base and sustained history of allocating the largest investment in research and development in the industry.
- ProcureStaff, the industry-recognized leader in customer service, was recently named “Top VMS Performer” by staffing suppliers in SIA’s 2013 VMS and MSP Customer Experience survey.
Post acquisition, IQN and ProcureStaff will offer best in class technology, a track record of continuous innovation and a diligent approach to customer services and account management that drives cost savings, increased visibility, accelerated adoption of new features, enhanced user experience and faster issue resolution.
How does IQNavigator’s acquisition benefit the industry and our ecosystem?
- To the Industry – IQNavigator’s acquisition combines the strength of IQN’s innovative and leading VMS with the proven success of ProcureStaff’s client and partner relationships, their history of strong client support, and the talents of the ProcureStaff team. Together, these best-in-class elements ensure an unparalleled experience of managing the growing non-employee workforce with the most innovative technology and best customer care available in the industry.
- To ProcureStaff Customers – IQNavigator’s commitment to “business as usual” assures customers of a smooth continuance in how they choose to manage their programs. With the ProcureStaff client service teams joining IQNavigator, customers can count on their ongoing support and expertise in any expansion or growth opportunities to further the customer’s business goals.
- To ProcureStaff Employees – IQNavigator recognizes the unique value the ProcureStaff client service model provides to customers. IQNavigator is pleased to welcome many of the ProcureStaff team to join us in our quest to deliver the best and most innovative solutions to many of the world’s leading brands.
- To ProcureStaff Partners – IQNavigator places a high value on the role of partners in the VMS ecosystem. The company is confident that its industry-leading implementation practices and core principles will provide measurable benefits to ProcureStaff’s valued partners with speedier billable spend, easier integrations and sought-after features.
What changes can ProcureStaff customers and partners expect from the combined company?
ProcureStaff clients and partners can expect a “business as usual” environment following the acquisition with the same highly knowledgeable team of ProcureStaff associates on board and supporting ProcureStaff’s VMS technology. ProcureStaff’s clients will also have the opportunity to migrate to IQN’s technology, if they choose.
We understand that many clients chose ProcureStaff’s VMS systems because they were the best fit for their business. For these clients, it will be business as usual regarding the level of support they receive for the ProcureStaff product. If a client chooses to migrate to the IQN product, IQN‘s technology account team will provide a seamless and non-disruptive migration to the IQN technology and infrastructure. The migration will address ProcureStaff clients’ and partners’ requests for expanded VMS functionality and services such as SOW, global invoicing, Rate IQ, mobile applications, reporting, monthly invoicing, services procurement and data analytics.
How will IQNavigator ensure a seamless migration path for ProcureStaff customers and partners?
Upon mutual determination with customers that a migration best meets the business objectives of clients, IQNavigator will provide ProcureStaff’s customers and partners with a range of benefits and incentives to migrate to IQN:
- Consistent customer knowledge: ProcureStaff customers and partners can leverage the knowledge of their trusted ProcureStaff technology account team, who will remain focused on their business and ensure consistency of service.
- Less time to migrate: We can deliver a seamless migration strategy to the world-class IQN technology and infrastructure following a methodology that best fits customer requirements, resources and timelines. Since we have a built-in understanding of our customers and partners business and needs, we can expedite requirements gathering.
- Proven transition team: Our combined team has vast experience with the customers’ technology and infrastructure environment along with an understanding of their security protocols and documentation to lead a far more accelerated migration to IQN than another third party VMS provider.
- No cost: ProcureStaff customers and partners can benefit from a no-cost standard transition from ProcureStaff’s VMS solution to IQN.
- Fast, pain-free VMS integrations: We will leverage IQNtegrator for an unequalled integration experience regardless of number of records or system integrations. This will give the MSP access to historical data in ProcureStaff’s VMS.
What unique capabilities can IQNavigator offer to ProcureStaff’s customers?
IQNavigator is the ideal choice for ProcureStaff’s customers:
- We strive to make it easy for partners to do business with us, especially during the set-up, implementation and deployment aspects of customer onboarding and expansions.
- Our deep implementation expertise translates to quicker and easier deployments.
- Our knowledgeable and dedicated implementation staff can perform speedier and more efficient integrations.
- Our technology roadmap is focused on expanding “ease-of-use” features in IQN that accelerate and assist in the administration and management of onsite and global programs.
In addition, IQNavigator incorporates key Core Principles in working with our valued partners that will translate seamlessly to the carefully cultivated partnerships formed with ProcureStaff.
- Trust and Integrity – Our goal is to build a long-term and strong business relationship based on mutual trust and business integrity. We do what we say we will do.
- Customer Retention – By providing partners with solutions that customers choose to use and renew year after year, our partners can grow their business from the predictable, recurring revenue that our solutions are proven to drive.
- Delivering competitive advantage – We ensure that partners have the best solutions, best competitive knowledge and best partner tools to win time after time.
- Mutual revenue success with our partners – We competitively price our solutions and offer partners a solid return for the investment of time and effort.
How will IQNavigator’s current customers and partners benefit from the acquisition?
IQNavigator is bringing together the best minds in the industry to ensure ongoing innovation and enhancement for our customers and partners. Our intention is to leverage ProcureStaff’s award-winning approach to ongoing client support across our customer base as appropriate. This will introduce a full lifecycle management approach from the sales cycle and deployment to support.
By adopting these best practices, we will be better positioned to ensure that our customers and partners are maximizing the latest technology, addressing end user needs on a timely basis and fostering a win-win relationship with their technology provider.
What role does GTCR play in this acquisition?
Based in Chicago GTCR is the private equity firm for IQNavigator. GTCR’s investment philosophy is to partner with proven management leaders to build companies in core domains through both organic growth and the pursuit of transformational acquisitions. The firm’s highly resourceful, results-driven team supported IQNavigator with the key strategies and tools necessary to succeed with its acquisition of ProcureStaff.
Who are the official spokespeople for this acquisition?
Joe Juliano, IQNavigator’s CEO and president, is available for media and analyst inquiries. To schedule, please contact Stephanie Burnham, SVP of Marketing at IQNavigator at +1-310-403-4710 or firstname.lastname@example.org.