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Kelly Services Bolsters RPO Capabilities with RocketPower Acquisition
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Kelly Services Bolsters RPO Capabilities with RocketPower Acquisition

Workforce solutions provider Kelly Services, Inc. (KELYA) has acquired RocketPower, which provides recruitment process outsourcing (RPO) and other outsourced talent services. This acquisition strengthens Kelly’s RPO practice. Transaction terms remained undisclosed.

RocketPower caters to fast-scaling U.S. tech companies. Post-acquisition, RocketPower will continue to function under its own brand and with its current top brass and team as a part of Kelly Kelly Outsourcing and Consulting Group (KellyOCG).

While RocketPower garnered $28 million in revenue in 2021, it expects to notch triple-digit growth in 2022 and beyond.

Management Weighs In

The President of KellyOCG, Tammy Browning, commented, “The pandemic coupled with fluctuating talent acquisition trends are driving tremendous growth in the RPO market now more than ever. This acquisition significantly expands KellyOCG’s RPO solution and delivery offering across the globe and enhances our specialty RPO strategy and expertise and provides us with another entry point into the high-tech industry.”

Founder and CEO of RocketPower, Mathew Caldwell, added, “Together, RocketPower and Kelly will be a force to reckon with in the RPO market. Kelly’s long-standing commitment to leadership in the RPO industry, its aggressive growth strategy, ongoing tech investments, and its deep expertise – combined with RocketPower’s unique delivery model and strong talent acquisition experience – will empower our collective team to unlock tremendous growth opportunities and continue delivering considerable value to our clients and to our team.”

Analysts’ Take

The average Kelly Services price target of $31.67 implies a potential upside of 58.9% for the stock. 

Hedge Fund Activity

According to TipRanks data, Wall Street’s top hedge funds have increased holdings in Kelly Services by 46.4 thousand shares in the last quarter, indicating a positive hedge fund confidence signal in the stock. Despite broader market headwinds, shares are up 15.8% over the past month.

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