The Port Washington-based IT staffing company Geneva Consulting has been acquired by fellow staffing company TSR Inc. in a $2.5 million deal.
Completed on Sept. 1, the deal called for TSR to pay $1.45 million in cash at closing plus $750,000, which is equal to the amount of Geneva’s loan under the Paycheck Protection Program, according to trade publication Staffing Industry Analysts.
Both Geneva and TSR provide temporary staffers with skills in technology for its corporate clients, which encompass the banking, insurance, entertainment and health services sectors.
“Geneva has been a well-respected, top-tier firm in the staffing industry since 1997 and we look forward to welcoming their highly skilled team to our family,” TSR CEO Thomas Salerno said in a statement. “We will seamlessly continue to provide exceptional service to their clients and offer them additional services to further support their staffing needs.”
In addition, the publication says that the Hauppauge-based TSR agreed to pay up to $300,000 in earn-out payments in February and August 2021 based on performance. It may also pay bonus payments in $10,000 increments based on performance as well.
According to its website, in addition to its Port offices, Geneva has a second office in Charlotte, North Carolina.
The Port-based company said in its PPP application that it had retained 50 jobs during the COVID-19 pandemic.
Laura Torrillo, president of Geneva, said in a statement, “Our family has had the wonderful opportunity of building Geneva and we believe that the time is right to make this transition. Thomas and his team share our values and we believe our employees, consultants and clients will reach even greater heights with the additional resources available from TSR.”
Neither Geneva nor TSR responded directly to an email requesting details concerning the fate of the Port location or its employees.
