Scottsdale-based information technology services company Solugenix Corp. has made its first acquisition of a company that specializes in hiring skilled employees who work from home in rural communities.
Solugenix, which is celebrating its 50th anniversary this year, acquired Missoula, Montana-based SEI LLC on Nov. 1. The company provides the technology and compliance for employees to work from home in far-flung communities in eight states.
Solugenix plans to hire another 400 work-at-home employees by the end of 2021, adding to SEI’s current headcount of 106 workers. It also plans to add Arizona to the mix of telecommuting employees, said Shashi Jasthi, president and CEO of Solugenix.
In this tough tech labor market, it’s become so tough to recruit in metro areas,” he said. “We want to use the SEI model to tap into this underutilized market and train more people to deploy them on our projects. Now we’ll have the technology to really create the compliance to be able to do remote work.
“We’ve always believed in strength from organic growth, but last year we saw our size could augment from strategic acquisitions,” said Jasthi, hinting another acquisition is in the works.
With the latest acquisition, Solugenix is expecting more than $50 million in revenue for the year, Jasthi said.
“This is a strategic game changer for us,” he said. “This is a great alternative to offshore hiring. We know that capacity and the demand exists amongst our existing customers. There’s more work available than we can do. We’re struggling with recruitment.”
Solugenix specializes in highly regulated industries, such as financial services and health care companies, including medical device manufacturers. Services include complex IT applications, artificial intelligence, machine learning, robotic process automation and data science.
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