PSI, whose main UK office is in Royston, Hertfordshire, is one of the world’s largest certification, e-learning and talent assessment providers. It operates in over 160 countries, and delivers 13 million assessments annually in more than 50 languages.
The company’s global headquarters are in Glendale, California, with further offices across the US as well as Europe and the Philippines. PSI is also looking to strengthen its operation in the Middle East, and the acquisition of IHS is another important step towards that aim.
IHS is one of the largest teams of occupational psychologists and learning and development specialists in the Gulf. The company works with organisations to select, assess and develop talent and teams, and support organisational development through strategic HR frameworks. Its staff have assessed and developed young talent through to senior executives in the United Arab Emirates, Saudi Arabia, Oman, Bahrain, Kuwait and Jordan as well as Europe.
The Price Bailey Strategic Corporate Finance team carried out financial and tax due diligence enquiries into IHS on behalf of PSI, as well as being the lead advisers for PSI to ensure the deal went to completion.
Simon Blake, Partner and head of the Strategic Corporate Finance team, said: “We’re delighted to have been able to take such a key role in this deal, which will give PSI a strong base within the United Arab Emirates, and indeed the Middle East, to build on their continuing development in the region. The acquisition was a cross-border deal that required on-site analysis in Dubai (UAE) by our team as well as lead advisory services.
“This is the third project we have advised on for PSI, further strengthening our relationship with a client who views appropriate acquisitions as an essential element of their development strategy. We look forward to working closely with the team at PSI in the future.”
Steve Tapp, CEO at PSI said: “This acquisition will continue PSI’s global growth strategy, further strengthening our offering with an established and very experienced team in the Middle East. We are excited by the opportunity to expand our reach with such a trusted brand. Janet Garcia (President of PSI International) and the rest of the international team are looking forward to welcoming their new colleagues.”
Amanda White, Managing Director of IHS, added: “We look forward to the next stage of our journey as a part of PSI’s exciting strategy. Our deep regional expertise together with the world-class PSI assessment technology will enable us to address some of the key customer challenges, providing solutions that merge content, technology and consulting expertise.”
Price Bailey has a strong international presence, working regularly with clients and on potential mergers and acquisitions across Europe as well as in America, the Middle East and Africa. The company also has offices in the Caribbean and the Channel Island, and Managing Director Martin Clapson was last year unanimously elected Global Chairman of IAPA, the international association of independent accounting and business advisory firms.