NEW YORK, May 16, 2013 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (Nasdaq:HSON), a global talent solutions company with expertise in leadership and specialized recruitment, contracting solutions, recruitment process outsourcing and eDiscovery, today announced it has entered into an agreement to expand its relationship with Sagard Capital Partners, L.P., one of its largest shareholders. The agreement provides for Sagard Managing Partner Dan Friedberg to attend Hudson's Board and Board committee meetings as a non-voting participant. By providing Sagard with greater access, Hudson believes that Sagard can gain a deeper understanding of Hudson's business and can therefore offer an additional perspective, taking into account their investing and consulting experience in multiple industries and with numerous companies of Hudson's size.
"We are delighted that an investor like Sagard Capital Partners shares our vision and recognizes the significant potential within Hudson," commented Manuel Marquez, Chairman and Chief Executive Officer at Hudson. "Sagard has a reputation for investing in and partnering with organizations where it sees meaningful long-term prospects," said Mr. Marquez. "Sagard brings a team with strategic, operating and financial expertise and a history of working in support of the long-term goals of the companies in which they invest. We believe that this relationship will help progress our strategy and solidify our path."
Dan Friedberg, Managing Partner at Sagard, commented, "We are pleased to be increasing our level of involvement with Hudson. We believe that there are strong structural changes under way which support the long-term prospects of the industry, and that Hudson has key assets which are well positioned to be successful given these changes."
Sagard initially invested in Hudson in 2010 and has steadily increased its position since then, holding 14.3% of the outstanding shares of Hudson stock.
Hudson is a global talent solutions company with expertise in leadership and specialized recruitment, contracting solutions, recruitment process outsourcing, talent management and eDiscovery. We help our clients and candidates succeed by leveraging our expertise, deep industry and market knowledge, and proprietary assessment tools and techniques. With approximately 2,000 people in approximately 20 countries, and relationships with millions of specialized professionals, we bring an unparalleled ability to match talent with opportunities by assessing, recruiting, developing and engaging the best and brightest people for our clients. We combine broad geographic presence, world-class talent solutions and a tailored, consultative approach to help businesses and professionals achieve higher performance and outstanding results. More information is available at Hudson.com.
Sagard Capital Partners, L.P. is a long-term investor in public and private small and mid-sized companies. Sagard Capital is an evergreen fund with an indefinite holding period for its investments. Sagard specializes in flexible equity structures in minority and control positions that best address a company's needs. Sagard partners with management teams committed to driving long-term value, through a combination of capital, a global network of relationships, a team built to deliver value-added support, and a focus on building strong, sustainable leading businesses over the long term. Additional information may be found at www.sagardcapital.com.
This press release contains statements that Hudson believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding Hudson's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties and assumptions, including industry and economic conditions' that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, global economic fluctuations; risks related to fluctuations in the company's operating results from quarter to quarter; the ability of clients to terminate their relationship with the company at any time; competition in the company's markets; risks associated with the company's investment strategy; risks related to international operations, including foreign currency fluctuations; the company's ability to implement cost reduction initiatives effectively, including the recently announced restructuring program; the company's dependence on key management personnel; the company's ability to attract and retain highly skilled professionals; risks in collecting the company's accounts receivable; the negative cash flows and operating losses that the company has experienced from time to time in the past may reoccur in the future; restrictions on the company's operating flexibility due to the terms of its credit facilities; the company's heavy reliance on information systems and the impact of potentially losing or failing to develop technology; risks related to our dependence on uninterrupted service to clients; the company's exposure to employment-related claims from both clients and employers and limits on related insurance coverage; volatility of the company's stock price; the impact of government regulations; and restrictions imposed by blocking arrangements. Additional information concerning these and other factors is contained in Hudson's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document. Hudson assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
David F. Kirby Hudson 212-351-7216
Hudson Global, Inc.
New York, New York, UNITED STATES
David F. Kirby Hudson 212-351-7216
Day's Range: 3.87-3.94
Previous Close: 3.95
Market Cap: 129.52M
Day's Volume: 10,017
Hudson Highland Group, Inc. Logo