ATLANTA, Nov. 15, 2010 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), a business analytics and information services firm and the world's leader in recovery auditing, today announced that it has acquired substantially all of the assets of TJG Holdings LLC, a privately-held provider of finance and procurement operations improvement services based in Chicago, Illinois and operating as The Johnsson Group. The assets and business of The Johnsson Group are expected to be fully integrated into PRGX's global operations and allow PRGX to expand and scale its advisory services line.
"Last year, we outlined the five strategic planks of our growth strategy, including the further development of an advisory services capability to complement both our core recovery audit service and our newer analytics-based customer value propositions. This 'tuck in' acquisition is another milestone in the execution of that portion of our strategy," said Romil Bahl, president and chief executive officer of PRGX.
"The Johnsson Group brings a regional presence in the Midwest, a small team of deeply skilled professionals and a list of marquee clients that extend our reach beyond the retail industry," said Steve Riordan, managing director of PRGX Advisory Services. "The focus of our advisory services will continue to be assisting clients in improving in their financial operations, procure-to-pay processes and overall spend management."
Bahl added, "We believe the complementary capabilities and client portfolios of The Johnsson Group and PRGX will enable us to continue to scale our delivery of unique, high-return value propositions for clients."
About PRGX Global, Inc.
Headquartered in Atlanta, Georgia, PRGX Global, Inc. is the world's leading provider of recovery audit services. With more than 1,300 employees, the company operates and serves clients in more than 30 countries and provides its services to over 75% of the top 30 global retailers. PRGX is also pioneering "profit discovery," a unique combination of audit, analytics and advisory services that improves client financial performance. Beyond its core retail practice, PRGX is actively pursuing initiatives to expand into new markets, most notably healthcare.
For additional information please visit PRGX at http://www.prgx.com.
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Forward-Looking Statements
In addition to historical information, this press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include both implied and express statements regarding the acquisition of substantially all of the assets of TJG Holdings LLC and the integration of The Johnsson Group business into PRGX. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of PRGX to differ materially from the historical results or from any results expressed or implied by such forward-looking statements. Risks that could affect PRGX's future performance include revenues that do not meet expectations or justify costs incurred, PRGX's ability to develop material sources of new revenue in addition to revenues from its core accounts payable services, PRGX's ability to integrate The Johnsson Group business into PRGX's service offerings, changes in the market for PRGX's services, PRGX's ability to retain existing personnel, uncertainty in the credit markets, client bankruptcies, loss of major clients and other risks generally applicable to PRGX's business. For a discussion of other risk factors that may impact PRGX's business, please see PRGX's filings with the Securities and Exchange Commission, including its Form 10-K filed on March 29, 2010. PRGX disclaims any obligation or duty to update or modify these forward-looking statements.