[May 20, 2004] Exult, Inc. Completes Acquisition of ReloAction - Leading Relocation Services Company Exult, Inc. (Nasdaq: EXLT), the innovator and leading provider of HR-led Business Process Outsourcing (BPO) for Global 500 companies and other large, complex corporations, today announced that it has completed the acquisition of ReloAction, a leading relocation services company with locations in California, Texas and Connecticut, for approximately $23 million in cash. ReloAction’s revenues for the year ended March 31, 2004, were approximately $20 million and the acquisition is expected to be accretive to Exult’s earnings for fiscal 2004. ReloAction had previously been a strategic vendor for Exult, and this acquisition helps fulfill Exult’s goal of increasing the proportion of its revenue derived from direct services. ReloAction’s advanced technology, comprehensive relocation services and proven service delivery model provide a highly personalized, relocation experience to clients’ employees and their families. This acquisition allows Exult to more fully integrate its relocation services to take advantage of operational synergies, while continuing to grow ReloAction’s non-HR BPO client base. Jim Madden, Exult’s Founder, Chairman and CEO, announced, “This acquisition joins two leaders in the HR field to offer even stronger capabilities, and positions Exult to more actively serve HR BPO clients. ReloAction has a strong base of relocation clients and we look forward to maintaining those client relationships and continuing to provide excellent service to them. ReloAction’s technological strengths, independent history and customer service focus are supported by their strong balance sheet, cash flow and earnings.” [ Back To TMCnet.com's Homepage ]