AWF Madison buys Absolute IT for $15.3m

AWF Madison Group, the country’s largest contract labour company, has bought IT recruitment group Absolute IT for $15.3 million.

Absolute IT had revenue of about $65 million in the year to March 2016, AWF said. The purchase price comprises an initial payment of $11.1 million and an earnout of $4.2 million tied to Absolute IT’s earnings in the year to November 2017. It will be adjusted based on the aggregate net assets of the business at completion, and is debt-funded, requiring no shareholder approval.

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