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A London-based recruitment consultancy and IT services outsourcer has expanded its international network after buying an Irish business.

Harvey Nash, which has subsidiaries across Europe, Asia and the US, bought Rescon IT in a deal that could be worth some £6.7 million (€10 million).

The terms of the acquisition agreement include an initial cash payment of some £2.5 million, which is subject to a working capital adjustment. This will be financed from Harvey Nash’s existing resources and debt.

Up to £2.7 million in shares are also due if Rescon meets agreed profit targets in the next three financial years. If these thresholds are achieved a further £1.5 million in shares will also be paid.

Harvey Nash’s chief executive, Albert Ellis, said this is a strategic acquisition that strengthens its IT recruitment operations across Europe and allows the group to introduce its offshore software development and executive search services into Ireland.

Harvey Nash has 3,500 staff and associates operating from 31 offices across the US, Vietnam, Belgium, France Germany, the Netherlands, Sweden, Switzerland and Luxembourg.

Its services include executive search, interim management, IT and financial recruitment and IT outsourcing.

Dublin-based Rescon specialises in providing technology professionals and outsourcing services to blue chip Fortune 500 clients as well as public sector organisations. Its clients include telecom, technology and financial services businesses.

Last year, Rescon reported an audited pre-tax profit of £544,400 from a £1.9 million turnover.

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