NASHVILLE, Tenn. and TORONTO, Oct. 06, 2020 (GLOBE NEWSWIRE) -- Vaco, a talent and solutions firm that provides consulting, contract and direct hire solutions to more than 40 markets around the globe, has acquired Prodigy Bank of Toronto, one of Canada’s fastest-growing technology talent firms, fueling its continued growth across the Northeast and Canada.
Under the agreement, Vaco teams up with the No.1 professional staffing firm (No. 19 overall) for new growth companies as rated by Canadian Business & MacLean’s Magazine, a top business publisher in Canada. Prodigy Bank has experienced explosive growth in 2020: revenue is up 188% for the year compared with 2019, and second quarter revenue, the so-called “Corona Quarter,” has vaulted nearly 270% compared to its previous record. Prodigy Bank has also produced a meteoric revenue growth of 800% over the last two years.
“We felt a kindred chemistry with the Prodigy Bank team from the first meeting, and our bond was quickly steeled as we had to creatively find our way together through the tumultuousness of 2020,” said Jerry Bostelman, Vaco co-founder and CEO. “The creative spirit and progressive resiliency they’ve shown through these challenging times is one of many reasons we’re proud to fortify our Toronto operations with this extraordinary organization.”
The acquisition complements Vaco’s recent expansions in Canada, following its Lannick acquisition in 2017 and expansion into Montreal last year. Lannick is a premier professional recruitment and consulting firm based in Toronto, specializing in the accounting, finance and IT industries. Vaco’s Montreal office provides expertise in the areas of technology, accounting, healthcare IT, operations, administration and managed services.
Prodigy Bank, which was founded in 2016, is now part of a powerhouse that delivers talent and solutions across diverse industries and to more than 10,000 clients globally. Prodigy Bank specializes in the e-commerce, technology, digital, software product development and financial services sectors, serving more than 100 clients ranging from the largest enterprises in Canada composed of financial institutions, banks and retailers to small to mid-size companies across various industries.
“I'm thrilled to bring these two organizations together; I know corporate culture comes first for Jerry and the entire Vaco team, and that premise has been the pillar of our success as well,” said Peter Rajabian, founder and president of Prodigy Bank, who will serve as managing partner for Vaco in Toronto. “By combining Prodigy Bank's local market expertise with the resources of a global powerhouse such as Vaco, we are strongly positioned to achieve our mutual vision for becoming a market leader in both technology recruiting as well as consulting services. We've strengthened our capabilities and added rocket fuel to an already storied journey!”
This deal offers a more robust and capable service offering to Prodigy Bank’s clients, consultants and candidates as well as exponential career opportunities for the firm’s staff.
In recent years, Vaco has announced numerous other acquisitions and expansions, including the acquisition of MEBC Global, a Pennsylvania consulting firm specializing in supply chain processes in late 2018; the expansion of its business agility services operations in the Raleigh-Durham, N.C. area; the acquisition of Aventine Hill Partners, an advisory, consulting, and executive search firm, as Vaco in San Antonio; and the acquisition last year of MorganFranklin Consulting, a leading finance and technology advisory firm based in the Washington, D.C. area, with regional offices in Atlanta, New York, San Francisco, and Los Angeles.
Vaco provides boutique level service with global reach in the areas of consulting, consultative project resources, executive search, permanent placement and strategic staffing. Areas of expertise include c-suite search, accounting, finance, technology, health care IT, operations, administration and international managed services. Since its founding in 2002, Vaco has grown to serve more than 40 markets across the globe, 9,800 employees and $700 million in revenue. Vaco has been named to Inc. magazine’s list of the fastest-growing private companies for the past 14 years and was named to Forbes’ 2018 & 2019 lists of America’s Best Recruiting Firms.
Prodigy Bank, based in Toronto, is a specialized recruitment & technology consulting company focusing on e-commerce, software product development and financial services industries. Founded in 2016 and tracking at 800% year-over-year revenue growth since inception, Prodigy Bank has quickly established itself as one of top emerging companies across Canada. The firm has been ranked as the No 1 emerging Canadian professional staffing firm and No. 19 overall fastest growing enterprise in Canada by MacLean’s magazine.
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