ASGN completes TopBloc acquisition, Shiv Iyer appointed President

RICHMOND - ASGN (NYSE:ASGN) Incorporated (NYSE: ASGN), known for its IT services and professional solutions, has finalized the acquisition of TopBloc, LLC for $340 million. Announced today, the deal brings TopBloc’s expertise into ASGN’s Consulting Services, furthering its reach in enterprise resource planning (ERP) and Workday (NASDAQ:WDAY) solutions.

Ted Hanson, CEO of ASGN, expressed confidence that the acquisition will bolster the company’s capabilities, especially in handling essential financial and human capital data. With a healthy current ratio of 2.5x and strong free cash flow yield of 13%, InvestingPro data suggests ASGN has ample liquidity to support this strategic move. He highlighted the importance of ERP systems in managing this data, which has grown with the use of General AI (GenAI).

Concurrent with the acquisition, ASGN has announced Shiv Iyer’s assumption of the role of President, effective immediately. Iyer, who brings a wealth of consulting experience from his previous leadership at Accenture (NYSE:ACN), takes over from Rand Blazer, now Executive Vice Chairman. Hanson praised Iyer’s innovative approach to enterprise solutions and anticipates a smooth leadership transition with Blazer’s strategic support.

ASGN has granted 41 key TopBloc employees restricted stock unit (RSU) awards totaling approximately 150,000 shares, vesting over four years. Additionally, Iyer received an award of 44,162 RSUs on March 3, 2025, with a vesting schedule over three years, and is set to receive performance-based RSUs valued at $2.875 million, vesting at the end of 2027, contingent on service and performance.

The acquisition and leadership transition are part of ASGN’s strategic endeavors to enhance its service offerings and market position. The press release emphasized the forward-looking nature of these statements, which involve risks and uncertainties, and are not guarantees of future performance.

This news is based on a press release statement from ASGN Incorporated, a company that assists businesses and government entities in implementing critical IT and business solutions. Despite a challenging period with the stock down 30% over the past six months, InvestingPro analysis reveals management’s confidence through aggressive share buybacks, with analysts projecting profitability for the upcoming year. The information provided outlines the recent developments within the company, including the acquisition and executive appointment, which could have implications for its operations and market activities. For deeper insights into ASGN’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

In other recent news, ASGN Incorporated announced a significant leadership transition with Shiv Iyer set to become President starting March 1, 2025. Iyer will succeed Rand Blazer, who will transition to the role of Executive Vice Chairman. Iyer brings a wealth of experience from his time at Accenture, where he held leadership roles that expanded consulting services in the Americas. ASGN CEO Ted Hanson expressed confidence in Iyer’s ability to drive the company’s strategic objectives and growth. Rand Blazer, who has been with ASGN since its merger with Apex Systems, will support Iyer’s transition and advise on strategic initiatives. This leadership change is part of ASGN’s ongoing efforts to strengthen its market position and deliver advanced IT services to its clients. Iyer has expressed enthusiasm for building on the foundation established by Blazer and the executive team to propel ASGN towards further growth and success.

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