Heidrick & Struggles Closes Acquisition of Atreus in Germany, Expanding its On-Demand Talent Footprint

Heidrick & Struggles (Nasdaq: HSII) today announced it has closed the acquisition of Atreus, one of the leading providers of executive interim management in Germany. Together, Atreus and Heidrick & Struggles' wholly owned, U.S.-based Business Talent Group (BTG), which was acquired in 2021, constitute the Company's On-Demand Talent segment and build on its market leading position in this space.

Krishnan Rajagopalan, President and CEO, Heidrick & Struggles, commented, "Heidrick & Struggles is on an exciting transformation journey to broaden and diversify our suite of executive talent and leadership advisory services. Our On-Demand Talent business is core to our overall growth strategy and a key client imperative that will only accelerate as companies continue to seek alternative ways to approach talent management with speed, agility and flexibility – whether it's through on-demand access to executive leaders for interim roles or strategic project work." 

Rajagopalan continued, "The acquisition of Atreus is a highly complementary investment for Heidrick & Struggles. The addition of Germany, a strategically important market for the firm, along with our existing On-Demand Talent businesses in the United States and the United Kingdom, gives us a strong springboard to scale this powerful platform across Europe and globally. We look forward to working closely with Atreus' founders, Dr. Harald Linné and Rainer Nagel, as we pursue our strategic objectives together."

Heidrick & Struggles' On-Demand Talent strategy is an innovative way to provide immediate, additional bandwidth to clients seeking experienced leadership resources for short-term projects in areas such as strategy, operations and cost transformation. This is particularly valuable for clients in a tight talent market and in a climate where managing variable versus fixed costs is a priority.

Demand trends demonstrate that executives are beginning to understand the benefits that on-demand talent can offer given the attractive economics for project-based work. According to recent Heidrick & Struggles market research, more than 60% of executives surveyed in Europe have used some form of on-demand talent in the past, and 85% believe they will start to use on-demand talent services more in the future.

Dr. Harald Linné, Managing Director and co-founder of Atreus, stated, "Atreus has built a strong business in Germany over the last 14 years. By joining forces with Heidrick & Struggles, we are able to expand and enhance our offerings to address our clients' most critical talent needs." 

Rainer Nagel, Managing Director and co-founder of Atreus, added, "As we look to strategically expand our talent offerings, being able to tap into Heidrick & Struggles' global reach and network of clients is a pivotal step for Atreus in our continued expansion and development."

The brand name Atreus, well-known and widely respected in the German market, will be retained, and the Atreus management team, led by Dr. Harald Linné and Rainer Nagel, will remain in place.

Terms of the transaction were not disclosed.

The Company plans to host its regularly scheduled fourth quarter and full year 2022 earnings conference call on February 27, 2023.

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