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Heidrick & Struggles to Acquire Leading Purpose, Culture and Change Consultancy, businessfourzero
Heidrick & Struggles ("the Company") (Nasdaq: HSII) today announced it has entered into an agreement to acquire businessfourzero, a London-headquartered consultancy specializing in developing and implementing purpose-driven change. This acquisition will not only deepen Heidrick & Struggles' existing set of leadership advisory and industry-leading culture and organization solutions, but also accelerate the Company's ability to help clients drive successful business transformations by linking purpose and strategy to leadership and culture.
Demand trends demonstrate that executives are focused on purpose and culture now more than ever. Based on recent Heidrick & Struggles research, over 80% of CEOs that the Company surveyed globally cited culture as a key priority with two top reasons for this prioritization: to improve financial performance and to increase employee engagement. This high level of demand and focus has been accelerated by the pandemic's lasting impact on hybrid work, retention of top talent and the importance of linking purpose, culture and strategy for shareholders, employees and customers. Additionally, proprietary company data shows, when organizations get purpose right, every driver of organizational performance is more powerful within the organization.
Krishnan Rajagopalan, President and CEO, Heidrick & Struggles, commented, "Powerful, purpose-driven cultures and inspired and engaged workforces are critical drivers of successful business transformations and long-term, sustainable performance. businessfourzero will form an integral part of Heidrick Consulting's offering, strengthening our ability to work with clients who are focused on developing future-ready cultures and organizations with pragmatic, actionable strategies. We look forward to welcoming Atif Sheikh and the entire team to Heidrick & Struggles."
Atif Sheikh, CEO, businessfourzero, stated, "businessfourzero has moved well beyond purpose statements to help our clients become businesses driven by purpose, joining the dots between purpose, commercial strategy, culture and leadership. Becoming part of Heidrick & Struggles allows us to accelerate and expand our international footprint and further accomplish our own company purpose: to get every team on a mission to actually do business better."
The businessfourzero management team, led by Atif Sheikh, along with the brand name and its roster of employees and clients, will all remain in place, ensuring business and client service continuity as the integration takes place upon deal closing.
The acquisition is subject to customary closing conditions and is expected to be completed in April 2023. Terms of the transaction were not disclosed.
