Eastridge Announces Sale of its Workforce Management and Technology Divisions to Workwell Group
SAN DIEGO--(BUSINESS WIRE)--Feb 4, 2025--
Eastridge announced today that it is divesting its Workforce Management and Workforce Technology Divisions to Workwell, a global leader in human capital management (HCM) and Employer of Record (EOR) services. This acquisition encompasses Eastridge's Payrolling/EOR, MSP, and Talient VMS business lines.
Seth Stein, currently CEO of Eastridge, will serve as CEO of Eastridge Workforce Management, a Workwell Company, while Rodrigo Alcaine, currently President of Eastridge Workforce Recruitment, will step into the role of CEO of Eastridge Workforce Solutions, focusing exclusively on its staffing and recruitment business.
By selling its Workforce Management and Technology Divisions, Eastridge will enhance its agility and focus its investments on its core expertise in recruiting and staffing. This newly refined focus is expected to drive excellence in service quality, enhance operational efficiency, and further strengthen Eastridge's market position.
'I'm incredibly proud of what our team at Eastridge has accomplished, and I'm energized about the next chapter in the company's amazing 50+ year history,' added Rodrigo Alcaine, President of Eastridge Workforce Recruitment and incoming CEO of Eastridge Workforce Solutions. 'As we become a more specialized company, we can dedicate our attention to optimizing the talent experience for our clients. I'm excited to lead Eastridge into this new era. Building on a strong legacy, we can continue to be nimble, innovative, and positioned to help our clients find the talent they need to grow and succeed.'
Eastridge is working closely with Workwell to ensure a seamless transition, ensuring an exceptional experience and business continuity for its clients and associates. Clients will continue to rely on the same trusted teams, dedicated points of contact, and the award-winning, people-first service that both entities have built their reputations on.
About Eastridge
Eastridge is a leading staffing provider that partners with industry leaders to efficiently match them with talented, skilled teams essential to long-term business growth. Our award-winning service, high standards in quality, and focused expertise in the industries we serve are key to Eastridge's decades of success. From filling specific critical roles to executing high-volume employee engagements to implementing programs that solve complex staffing challenges, Eastridge is the partner to trust for the talent you need. Learn more at www.eastridge.com.
About Workwell Group:
Workwell Group is a leading provider of human capital management (HCM) and Employer of Record (EOR) services. With a comprehensive portfolio of solutions designed to help businesses navigate the complexities of global and flexible workforce management, Workwell serves a diverse range of clients, from small businesses to large multinational enterprises. By providing flexible, compliant, tech-enabled and scalable workforce solutions, Workwell is empowering businesses to thrive in today's dynamic labour market.
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SOURCE: Eastridge
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PUB: 02/04/2025 02:45 PM/DISC: 02/04/2025 02:47 PM
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Free copies of these documents may be obtained from the sources indicated Group's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ('IFRS') and have not been externally reviewed and/or audited. The financial information included in this document is preliminary and is based on a number of assumptions that are subject to inherent uncertainties and subject to change. The financial information presented herein is based on internal management accounts, is the responsibility of management and is subject to financial closing procedures which have not yet been completed and has not been audited, reviewed or verified. Certain amounts and percentages that appear in this document have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, may not be an exact arithmetic aggregation of the figures that precede or follow them. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the current period or any future period. This press release contains 'forward-looking statements,' as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the words 'anticipate,' 'believe,' 'estimate,' 'expect,' 'forecast,' 'future,' 'intend,' 'may,' 'opportunity,' 'plan,' 'project,' 'should,' 'strategy,' 'will,' 'will be,' 'will continue,' 'will likely result,' 'would' and similar expressions (including the negative versions of such words or expressions). Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to, among other things, the timing of the closing of the proposed business combination and the listing of Kyivstar Group's common shares and warrants on Nasdaq, the expected investment opportunity in Kyivstar Group following the closing of the business combination, including the expectation that Kyivstar Group will be the only pure-play Ukrainian investment opportunity and the growth potential of Kyivstar Group. These statements are based on VEON, Cohen Circle and Kyivstar Group management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Kyivstar Group's, VEON's or Cohen Circle's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including, but not limited to, the inability to complete the business combination due to the failure to obtain the necessary shareholder approvals or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the decision by the SEC to deem effective the Registration Statement; the ability to meet the Nasdaq listing standards upon closing of the business combination and admission of Kyivstar Group for trading on Nasdaq; changes in applicable laws or regulations; the escalation or de-escalation of war between Russia and Ukraine; the successful integration of Uklon; continued growth in digital services; and other risks and uncertainties set forth in the section entitled 'Risk Factors' included in the Registration Statement filed by Kyivstar Group with the SEC on June 5, 2025 and in any other subsequent filings with the SEC by Kyivstar Group or Cohen Circle. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON, Kyivstar Group and Cohen Circle cannot predict with accuracy and some of which neither VEON, Kyivstar Group nor Cohen Circle might not even anticipate. The forward-looking statements contained in this press release speak only as of the date of this release. VEON, Kyivstar Group and Cohen Circle do not undertake to publicly update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, except as required by U.S. federal securities laws. Presentation of Non-IFRS Financial Measures and Performance Metrics In addition to the results provided in accordance with IFRS throughout this press release, Kyivstar Group has provided the non-IFRS financial measures Adjusted EBITDA and Adjusted EBITDA Margin (the 'Non-IFRS Financial Measures'), as well as key performance indicators mobile ARPU, multiplay customers and total digital MAU. Kyivstar Group defines Adjusted EBITDA as earnings before interest, tax, depreciation, amortization, impairment, gain/loss on disposals of non-current assets, net foreign exchange gain and other non-operating gains/losses, net. Kyivstar Group defines Adjusted EBITDA Margin as Adjusted EBITDA divided by total operating revenues. Kyivstar Group uses the Non-IFRS Financial Measures in addition to its results determined in accordance with IFRS in order to evaluate its financial and operating performance, to generate future operating plans and make strategic decisions. Kyivstar Group believes that the Non-IFRS Financial Measures may be helpful to investors because they provide additional tools for investors to use in evaluating its ongoing operating results and trends and in comparing its financial results with other companies operating in similar industries because they provide consistency and comparability with past financial performance. The Non-IFRS Financial Measures are not intended to replace, and should not be considered superior to, the presentation of the Kyivstar Group financial results in accordance with IFRS. The Non-IFRS Financial Measures may not be comparable to other similarly entitled measures computed by other companies. The following table presents reconciliations of Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable IFRS financial performance measures, which are profit for the period and profit margin, respectively: (USD in millions) Income taxes 14 9 Depreciation 31 31 Amortization 13 12 Impairment, net 2 1 Finance costs 21 21 Finance income (7) (8) Other non-operating gain/(loss), net 1 (1) Net foreign exchange (loss)/gain 21 (8) 17% 19% 55% 50% Key Performance Indicators Mobile ARPU measures the monthly average revenue per mobile user. Kyivstar Group calculates mobile ARPU by dividing its mobile service revenue (excluding guest roaming and wholesale interconnection revenue) during the relevant period by the average number of its mobile customers during the period and dividing by the number of months in that period. Mobile service revenue used to calculate mobile ARPU excludes guest roaming and wholesale interconnection revenue, as this revenue is not generated by Kyivstar Group's customers but are proceeds received by other operators for the services received by its subscribers. Multiplay customers are doubleplay 4G customers who also used one or more of Kyivstar Group's digital products at any time during the one month prior to such measurement date. Total digital MAU is a gross total cumulative MAU of applications offered. Under this metric, a single individual who is active in more than one application is counted as a separate MAU under each such application, such that the total digital MAUs may include individuals being counted more than once. Media and Investor Contact: Kyivstar@ Email: pr@ i Multiplay as a % of total active Kyivstar one-month subscriber base in March 2025 (unique active subscribers over one-month period)Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
