Korn Ferry International has bought the fast-growing Minneapolis-based staffing agency Salo.
Korn Ferry completes acquisition of Minneapolis-based staffing firm Salo
Salo becomes part of a multinational staffing agency
February 3, 2023 at 4:43PM
Salo specializes in placing interim finance, accounting and human resources professionals. It has 710 consultants and 140 internal team members; all will join Korn Ferry and its approximately 10,700 employees.
The deal closed Wednesday. Its terms were not disclosed.
"Now, with Korn Ferry, we will be part of a global network of colleagues, with access to vast IP and more expansive client relationships and opportunities at every turn," Salo CEO Lisa Brezonik said in a news release announcing the deal in January.
Korn Ferry has an office in Minneapolis and more than 100 other offices across North America, Latin America, Europe, the Middle East, Africa and the Asia-Pacific region.
Both companies have grown through the pandemic as layoffs and hybrid work options have created more staffing challenges and opportunities for interim placements.
Los Angeles-based Korn Ferry is an organizational consulting firm with global reach. Revenue for its most recent fiscal year ended April 30, 2022, was $2.6 billion, up 45% from the prior fiscal year while earnings increased 185% to a record $319 million.
Salo was also growing quickly. According to the company, Salo's revenue has doubled over the past two years as the number of its employed consultants grew 55% and its internal staff grew 75%.
Since 2020, Salo has provided more than 2,500 opportunities for its consultants and provided staffing solutions for 850 clients. Salo was founded in 2002 by Amy Langer and John Folkestad.
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