Acquisition Brings Enhanced Capabilities to Planet’s Tech Portfolio Allowing Expanded Service to Human Capital Clients
CHICAGO, IL – (November 13, 2020) – Planet Technology’s parent company, The Planet Group (“Planet”), a portfolio company of MidOcean Partners and leading provider of outsourced human capital and consulting solutions, announced today that it has entered into an agreement to acquire Interactive Business Systems (IBS), a provider of flexible IT staffing solutions. Michael Stomberg, CEO of Planet, said that this acquisition aligns with Planet’s strategic initiative to provide a full suite of enhanced consulting and strategic resourcing solutions to the company’s global client base.
Founded in 1981 and headquartered in Oak Brook, Illinois, IBS offers reputable, customized IT staffing services to a diversified and very tenured client base. The dedicated staff and management team at IBS excels in providing exceptional contract staffing, deliverable-based project solutions and managed service engagements, with a strong industry presence in the Midwest and an offshore delivery center in India.
IBS is led by industry veteran, Dan Williams, and current President and COO, Jeff Jorgensen. “We’re proud of all we have accomplished at IBS during our 40-year history and excited about our future with The Planet Group. We look forward to continued growth and success as part of this prestigious organization,” said Williams.
“IBS is the perfect complement to Planet’s existing Technology services and further strengthens our rapidly growing position in the industry as a provider of choice, offering a comprehensive suite of professional staffing and consulting services,” said Stomberg.
MidOcean Partners, a premier middle market private equity firm, made a majority investment in Planet in January 2018 to escalate the company’s strategic initiatives and drive continued growth. Planet will look to continue accelerating its expansion through future M&A activity.
The Planet Group consists of 10 related entities, including six renowned staffing brands, and has been purposefully built to address the professional services needs of leading companies in the Accounting & Finance, Technology, Life Sciences, Human Resources, Diversified Energy & Engineering, Healthcare and Digital Marketing areas. The company was founded in 2009 and is headquartered in Chicago, Illinois, with offices throughout the US and Europe. Learn more at https://theplanetgroup.com.
Headquartered in Oak Brook, Illinois, Interactive Business Systems has nearly 40 years of experience in IT staffing. Committed to personal service, IBS offers reputable, customized IT staffing services to a diversified and very tenured client base. The dedicated staff and management team at IBS excels in providing exceptional contract staffing, deliverable-based project solutions and managed service engagements, with a strong industry presence in the Midwest and offshore delivery center in India. Learn more at https://www.ibs.com.
MidOcean Partners is a premier New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has managed approximately $4.8 billion of committed capital and has targeted investments in high-quality middle market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages approximately $8.0 billion across a series of alternative credit strategies, collateralized loan obligations and customized separately managed accounts as of September 30, 2020. Learn more at https://www.midoceanpartners.com.
The Planet Group
Elizabeth Spayne, VP of Marketing
781.530.3191 | espayne@theplanetgroup.com
Interactive Business Systems, Inc.
Frank Carroll
630.571.9100 | fcarroll@ibs.com
MidOcean Investor Relations
Allison Donohue
investorrelations@midoceanpartners.com
