European Business Services: The Signal Service

Research evidence excerpt

European Business Services: The Signal Service

Global Research

1 July 2026ab

European Business Services Equities

Europe including UKThe Signal Service

Industrial Services

Rory McKenzie

Staffing: Korn Ferry announces transformational AMS acquisition Analyst

Global executive search and consulting firm, Korn Ferry, has announced the acquisition rory.mckenzie@ubs.com

of UK-headquartered AMS for c$1.1bn (c£850m), representing a c11x EV/EBITDA +44-20-7568 1977

multiple (or c8x post-targeted synergies). AMS is a leading RPO (Recruitment Process Nicole Manion

Outsourcing) and MSP (Managed Service Provider) with operations in >120 countries, Analyst

generating c$650m in fee revenue and c$100m in EBITDA. The deal will add c22% to nicole.manion@ubs.com

Korn Ferry’s fee revenue and significantly expand its backlog (AMS brings c$1.5bn in +44-20-7568 2094

multi-year contracted fees, adding c80% to Korn Ferry’s existing backlog). This Abi Bell

transaction aligns with Korn Ferry’s strategy to diversify beyond its historically cyclical Analyst

executive search business into more longer-cycle, recurring revenue streams in talent abi.bell@ubs.com

solutions. Our view: This marks one of the largest staffing & talent solutions deals in +44-20-7568 1594

recent years, in a space where even bolt-on M&A has been relatively limited. The Abdihakem Ahmed

purchase price puts the valuation close to Randstad’s acquisition of Monster in 2016 (c Associate Analyst

$429m, c9–10x EV/EBITA) but substantially below Adecco’s acquisition of AKKA in 2021 abdihakem.ahmed@ubs.com

(c€2.0bn, c17x EV/EBITA). More broadly, Korn Ferry’s move underscores how larger +44-20-7567 1050

players are seeking to capture growth in a structurally challenged staffing market, where