AIRS, the recruitment technology and training company that introduced “peeling back” “flipping” and “x-raying” to the recruiting lexicon, has been acquired by RPO servicer The RightThing.
The deal was finalized last week and will be announced this morning.
Speaking with ERE in advance of the announcement the CEOs of the two companies were ebullient over the deal.
“We’re giddy about this,” Terry Terhark, CEO of TheRightThing declared early in the conversation, followed by AIRS CEO Chris Forman pronouncing the deal “A great thing for both companies.”
A pioneer in online sourcing, AIRS will continue as an independent brand; its headquarters staying in the 200-year-old barn in Wilder, VT. Terhark and Forman, whose new title will be president of AIRS, said there will no layoffs and, in fact, both are looking to increase the 62 person staff as The RightThing begins to market the AIRS product line.
Apologizing for using the “overused” market-speak “synergy,” Terhark says that in the case of AIRS and The RightThing, it’s exactly the right word to apply. “AIRS is a technology company. We are a service company. That makes a great combination.”
“It unlocks more growth for us,” Forman added. “This is a very strategic opportunity for both of us.”
The press release announcing the deal, goes even further, quoting Terhark, “…the synergy and cultural match of these two companies could potentially be the biggest thing this industry has seen with best-in-class technology, products, efficiency and power.”
Both companies have become leaders in their field. AIRS made Inc.com’s list of the fastest growing companies last year, reporting a 150 percent revenue growth to $9.1 million in 2006. Numbers for The RightThing are not available, though Terhark said it is the larger of the two companies, supporting a staff of 450 in Findlay, Ohio where it is building a 32,000 square foot addition just two years after moving into its new headquarters.
Both companies already had a strategic alliance, The RightThing recommending AIRS training and software to its clients. Terhark told us that AIRS’ SourcePoint is in use at The RightThing.
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What brought the companies together was a dinner at the end of the day at a conference months ago. “We both started talking about what we were doing,” explains Terhark. During the meal, both men not only saw how complementary both companies were in products and business focus, but also in culture. “We have a shared vision,” Forman says. “We saw how much we shared in direction… shared commonality.”
Among the things both companies share is a culture that values workers, the two CEOs emphasized. AIRS was named one of the best places to work by Vermont Business Magazine, while The RightThing was named one of the “25 Best Small and Medium Companies to Work for in America,” by the Great Place to Work Institute.
“TheRightThing and AIRS are both very successful and its because of the people,” Forman said. “When you hire the right people, good things happen.”
A month from now, when the dust settles, what changes will the industry see? “Business as usual, plus,” says Terhark. The RightThing will make the AIRS product suite available to its RPO clients while AIRS’ blue-chip client list will give The RightThing entrée to additional clients. “We’re now a one-stop shop,” Terhark says.
We couldn’t resist asking about the irony of two companies at opposite ends of the vendor pole joining together. AIRS sells software and training intended to improve the quality of hiring by in-house recruiters, while The RightThing works to convince employers to outsource it.
“No contradiction,” Forman told us. “The world is not black and white. It’s all about finding the right people.”