December 13, 2016 / 6:25 AM / 3 years ago

Adecco merges Beeline with private equity-controlled IQNavigator

The logo of Swiss Adecco Group is seen at its headquarters in Glattbrugg, Switzerland October 11, 2016. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) - Swiss recruitment company Adecco (ADEN.S) said on Tuesday it has spun off its Beeline staffing software business into a new company with private-equity controlled IQNavigator.

Private equity company GTCR will be the majority shareholder in the combined business, with Adecco getting a minority stake, along with $100 million in cash and $30 million as a promissory note.

Beeline Chief Executive Doug Leeby is the CEO of the combined company, which has over 500 employees.

Reporting by John Revill

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