**GEE Group Inc. Completes Acquisition of Hornet Staffing, Inc.**

On January 3, 2025, GEE Group Inc. (NYSE: JOB) finalized an acquisition agreement with Hornet Staffing, Inc., an Atlanta-based company specializing in staff augmentation services with a national reach. The deal involved the purchase of 100,000 shares of Hornet’s capital stock, representing the entirety of the company’s ownership. The transaction was valued at $1,500,000, with $1,100,000 paid in cash and the issuance of subordinated and unsecured promissory notes to the shareholders of Hornet.

Per the details outlined in the Stock Purchase Agreement, the acquisition includes customary representations and warranties. The Promissory Notes issued to shareholders will accrue interest at a fixed rate of 5% per annum, with payment terms set for annuity and contingent on specific profit metrics outlined in the agreement.

Additionally, in conjunction with the share acquisition, GEE Group entered into an amendment to the Loan, Security, and Guarantee Agreement, providing for adjustments related to the Hornet acquisition. The board of directors of both companies unanimously approved the transactions.

Hornet Staffing specializes in offering staff augmentation services to various sectors, catering to large-scale clients in IT, professional, and customer service staffing verticals. The acquisition is anticipated to enhance GEE Group’s competitive edge, especially in securing business from Fortune 1000 companies and other major users of contingent and outsourced labor.

The deal aligns with GEE Group’s strategic objective to expand its service capacity and strengthen its position in MSP and VMS (Managed Service Providers and Vendor Management Systems) environments. Such an expansion paves the way for the company to tap into the rapidly evolving global market for MSP/VMS services, offering cost-effective offshore recruiting solutions that could expedite hiring processes.

Derek Dewan, Chairman and Chief Executive Officer of GEE Group, expressed enthusiasm over the acquisition, emphasizing the potential for enhanced service offerings and substantial revenue growth. He highlighted plans to leverage Hornet’s expertise to cater to larger organizations efficiently.

Hornet’s Managing Director and Founder, Larry Bruce, echoed Dewan’s sentiments, underscoring the synergies between the two companies and their combined capabilities in the staffing industry.

GEE Group Inc., established in 1893, specializes in providing professional staffing services in various sectors, including IT, engineering, finance, accounting, and commercial staffing. Through its acquisition of Hornet, the company expects to bolster its workforce solutions and grow its market presence.

The acquisition reflects GEE Group’s commitment to strategic growth initiatives and prudent investment decisions aimed at maximizing shareholder value.

The attached press release provides additional details on GEE Group’s acquisition of Hornet Staffing, Inc.

For further information, interested parties can refer to the official SEC filing and related exhibit documents.

This information was originally released through an 8-K SEC Filing by GEE Group Inc.

*This article reflects objective reporting based on the information provided in GEE Group Inc.’s 8-K SEC Filing. MarketBeat is not responsible for the accuracy of the content.*

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read GEE Group’s 8K filing here.

About GEE Group

GEE Group Inc provides permanent and temporary professional and industrial staffing and placement services in the United States. The company operates through two segments, Industrial Staffing Services and Professional Staffing Services. It offers placement of information technology, accounting, finance, office, engineering, engineering professionals for direct hire and contract staffing services, and data entry assistants; and temporary staffing services for industrial clients.