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Adecco

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The Adecco Group AG
Company typeAktiengesellschaft
SIX: ADEN
SMI MID component
IndustryProfessional services
PredecessorsEcco
Adia Interim
Founded1 January 1997; 27 years ago (1 January 1997)
HeadquartersZürich, Switzerland
Number of locations
5,200 branches in over 60 countries and territories
Area served
Worldwide
Key people
Jean-Christophe Deslarzes (Chairman)
Denis Machuel (CEO)
ServicesEmployment agencies, recruitment, human resource consulting and outsourcing
RevenueIncrease €20.949 billion (2021)[1]
Increase €780 million (2021)[1]
Increase €586 million (2021)[1]
Total assetsIncrease €11.865 billion (2021)[1]
Total equityIncrease €3.800 billion (2021)[1]
Number of employees
32,000 (FTE 2021)[1]
115,000 (2021)[1]
Websiteadeccogroup.com

The Adecco Group is a Swiss–French[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.

The Adecco Group global headquarters in Zürich is located in Bellerivestrasse since 2017
The Adecco Group global headquarters in Zürich is located in Bellerivestrasse since 2017.

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. As of 2021 the company had placed 115,000 workers in full time employment and had 500,000 workers in temporary roles daily.[1] 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

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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

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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][24]

The Adecco Group acquired Vettery, a recruitment marketplace startup, for $100 million USD in February 2018.[25] In April of that same year, the U.S.-based education technology provider General Assembly was acquired.[26]

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.[27][28]

In November 2020, Vettery purchased competing tech marketplace Hired for an undisclosed amount[29] and combined the two business's products under the Hired brand.[30][31]

French engineering and technology consulting firm Akka Technologies was acquired in July 2021 for a reported €2.0 billion.[32]

See also

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References

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  1. ^ a b c d e f g h "Annual Report 2021" (PDF). The Adecco Group. Retrieved 20 March 2022.
  2. ^ "Upcoming Adia, Ecco merger to create a personnel giant - Silicon Valley Business Journal". Silicon Valley Business Journal. Archived from the original on 12 December 2005. Retrieved 5 April 2016.
  3. ^ "Randstad and Adecco Rank First and Second on SIA'S 2019 Largest Global Staffing Firms List". staffingindustry.com. Retrieved 18 February 2020.
  4. ^ "The world's 500 largest companies. 2019 Report". Fortune.com.
  5. ^ "Akkodis.com". Akkodis.com. Retrieved 15 May 2023.
  6. ^ "Adecco Group Website - Our Solutions". The Adecco Group. Retrieved 15 May 2023.
  7. ^ "The Adecco Group – find out more about the industry leader in Human Resources solutions at a glance". Archived from the original on 5 January 2019. Retrieved 31 January 2019.
  8. ^ "Philippe Foriel-Destezet, a committed visionary and entrepreneur". HEC Paris. 7 July 2021. Archived from the original on 30 July 2024. Retrieved 10 August 2024.
  9. ^ "Upcoming Adia, Ecco merger to create a personnel giant - Silicon Valley Business Journal". Silicon Valley Business Journal. Archived from the original on 12 December 2005. Retrieved 5 April 2016.
  10. ^ "Adecco Board appoints Alain Dehaze as CEO - Recruitment International". Recruitment-international.co.uk. Archived from the original on 7 November 2017. Retrieved 1 November 2017.
  11. ^ "Adecco recruits former Sodexo boss Machuel as new CEO".
  12. ^ "UPDATE 3-Adecco recruits former Sodexo boss Machuel as new CEO". Reuters. 5 May 2022.
  13. ^ Dow Jones (18 September 1997). "INTERNATIONAL BRIEFS; Adecco to Acquire Massachusetts Company". The New York Times. Retrieved 8 February 2023.
  14. ^ Dow Jones Newswires (17 September 1997). "Switzerland's Adecco to Buy Staffing Firm for $387.5 Million". wsj.com. Retrieved 8 February 2023.
  15. ^ "World's Largest Temp Firm Adecco to Buy Olsten and Take Lead in U.S." Los Angeles Times.
  16. ^ "Adecco's acquisition of Spring creates one of the largest recruitment companies in the UK". Hrmagazine.co.uk. Archived from the original on 7 November 2017. Retrieved 12 April 2016.
  17. ^ "Jacksonville's MPS Group agrees to buyout by Swiss firm | Jacksonville.com". Archived from the original on 5 January 2010. Retrieved 13 January 2015.
  18. ^ "Adecco, FESCO establish new HR venture". China Daily. Archived from the original on 7 November 2017. Retrieved 1 November 2017.
  19. ^ "Adecco Announces Plan to Acquire Drake Beam Morin – Workforce Magazine". Workforce.com. 26 July 2011. Archived from the original on 30 May 2016. Retrieved 1 November 2017.
  20. ^ "Deals - Corporate LiveWire - Corporate LiveWire". Corporatelivewire.com. Archived from the original on 7 November 2017. Retrieved 1 November 2017.
  21. ^ "OnForce acquired by European Adecco Group, will join with Beeline". Betaboston.com. Archived from the original on 21 April 2016. Retrieved 5 April 2016.
  22. ^ "Adecco acquires Knightsbridge Human Capital Solutions". 2.staffingindustry.com. Retrieved 1 November 2017.
  23. ^ "Adecco says Brexit uncertainty hitting UK finance jobs". Reuters. Archived from the original on 9 July 2020. Retrieved 1 November 2017.
  24. ^ Scanlon, Hunt (28 March 2016). "Adecco to Acquire Penna Consulting For $149 Million". Hunt Scanlon Media. Retrieved 26 August 2024.
  25. ^ Ha, Anthony (20 February 2018). "Adecco Group acquires recruiting startup Vettery for $100M". TechCrunch. Retrieved 12 August 2024.
  26. ^ Miller, John (16 April 2018). "Adecco buys General Assembly in $412.5 million deal to boost growth". Reuters. Retrieved 12 August 2024.
  27. ^ "Adecco to sell Soliant Health to Olympus Partners for $612M". www.spglobal.com. Retrieved 12 August 2024.
  28. ^ Sexton, Lauren (5 November 2019). "The Adecco Group announces divestment of Soliant Health in US". www.recruitment-international.co.uk. Retrieved 6 April 2020.
  29. ^ Ha, Anthony (24 November 2020). "Vettery acquires Hired to create a 'unified' job search platform". TechCrunch. Retrieved 17 March 2022.
  30. ^ "Vettery acquires Hired to advance recruiting marketplace model". HR Dive. 10 December 2020. Retrieved 26 August 2024.
  31. ^ "Hired solidifies position as world's largest AI-driven hiring marketplace amid record hiring activity". highlights. 13 April 2021. Retrieved 17 March 2022.
  32. ^ Revill, John (28 July 2021). "Adecco Group to buy AKKA Technologies in $2.4 bln deal". Reuters. Retrieved 16 August 2024.
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