Futuris Company Announces the Acquisition of Savantis Staffing Division

Rhea-AI Summary

Futuris Company (OTC Pink: FTRS) has announced the acquisition of the staffing division of Savantis, enhancing its Human Capital Management services. This unit includes approximately 80 billable US-based employees and supports over 50 clients across various industries. In 2021, the operation generated $16.4 million in revenue and over $3 million in gross profit. The acquisition aims to tap into unfulfilled job orders, potentially increasing revenue streams. President Kalyan Pathuri emphasized the strategic importance of expanding their customer base and portfolio.

Positive

• Acquisition of Savantis staffing division strengthens Futuris' service offerings.
• The acquired unit generated $16.4 million in revenue in 2021 with over $3 million gross profit.
• Opportunity to fulfill existing job orders and recruit additional staff could enhance revenue.

Negative

• Current staffing unit has not been fulfilling job orders, indicating operational challenges.

FAIRFAX, VA, June 21, 2022 (GLOBE NEWSWIRE) -- Futuris Company (OTC Pink: FTRS) a Human Capital Management (HCM) company focused on areas such as Staffing, Consulting and Tech Services, is pleased to announce the acquisition of the staffing portion of Savantis, a staffing operation unit comprised of approximately 80 billable US-based employee resources that support customers across a dozen industry verticals and over twenty technical competency areas.

This business unit has been helping companies improve their operational efficiency by providing IT staffing and delivering end-to-end solutions and brings together an extensive global team of IT experts providing a variety of innovative industry solutions.  With significant global reach and resources and a deep network of technical expertise, this unit works closely with customers to provide business value while implementing comprehensive solutions with a low total cost of ownership.

With offices in the United States and India, Savantis has a global team of about 100 employees servicing over 50 customers. Currently this group has not been fulfilling job orders from the various customers. They have been focused mainly on putting their billable resources to work. There is a big opportunity to work on these job orders and recruit more staff to increase revenues.

“In 2021, the operating unit produced $16.4 Million in revenues, with over $3 Million in gross profit. The acquisition of the staffing division not only strengthens our portfolio of brands but also opens up a vast customer base,” said President Kalyan Pathuri.

We encourage shareholders to continually visit our website and social media platforms for updates.

Website: www.futuris.company

Twitter: www.twitter.com/futuriscompany       

Forward-Looking Statements

Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the ability to successfully integrate acquired companies, overall economic conditions, the ability to find qualified personnel, and the ability to find new clients. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business and although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The Company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.

About Futuris Company

Futuris is a Human Capital Management (HCM) company focused on Executive Search, Staffing, Consulting services and Tech Services specializing in verticals such as Medical, Accounting/Finance, Information Technology, Recruitment Process Outsourcing (RPO), and Legal. The Company is committed to building a global HCM company through highly targeted and accretive acquisitions and operational efficiencies. For more information, please visit http://futuris.company/.

Contact Information:

Futuris Company
Preya Narain
Email: info.it@futuris.company

FAQ

What is the significance of Futuris Company acquiring Savantis' staffing unit?

The acquisition enhances Futuris' Human Capital Management services and provides access to a broader customer base.

How much revenue did the Savantis staffing division generate in 2021?

In 2021, the Savantis staffing division produced $16.4 million in revenues.

What potential challenges does Futuris face after acquiring the staffing division?

Futuris may face challenges in integrating the acquired unit and fulfilling existing job orders.

How many employees does the Savantis staffing unit have?

The Savantis staffing unit comprises approximately 80 billable US-based employees.

What opportunities does the acquisition present for Futuris?

The acquisition allows for the fulfillment of unfulfilled job orders and potential recruitment of more staff to increase revenues.