After saying it plans to shed its IT staffing business and divest itself of 20% of a booming e-commerce division, Houston, Texas based Metamor Worldwide Inc is now to accept a $96m offer from GTCR Fund VI LP, a private equity investment firm, for a 90% stake of Metamor’s Software Solutions business unit. Peter Dameris, executive VP at Metamor told us the company is not in any financial trouble but is simply streamlining its operations. The vision, Dameris says is to create a pure-play IT services business.
Dameris said the company had held on to a strategy of only taking on business that produced gross margins of at least 28% something that’s led it to feel the squeeze from bigger rivals. Dameris added that although the project support side of the business had excellent cash flow, it did not sit well with the high-end consulting side of Metamor’s operations which the company now intends focusing upon.
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