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Adecco merges Beeline with private equity-controlled IQNavigator

Reuters - UK Focus

ZURICH, Dec 13 (Reuters) - Swiss recruitment company Adecco (Swiss: ADEN.VX - news) said on Tuesday it has spun off its Beeline staffing software business into a new company with private-equity controlled IQNavigator.

Private equity (IOB: 0QLS.IL - news) company GTCR will be the majority shareholder in the combined business, with Adecco getting a minority stake, along with $100 million in cash and $30 million as a promissory note.

Beeline Chief Executive Doug Leeby is the CEO of the combined company, which has over 500 employees. (Reporting by John Revill)