TAMPA, Fla., April 01, 2019 (GLOBE NEWSWIRE) -- Kforce Inc. (Nasdaq: KFRC), a provider of professional staffing services and solutions, completed the sale of all the issued and outstanding stock of Kforce Government Solutions, Inc. (KGS), our federal government solutions business, to ManTech International Corporation (ManTech) for an aggregate cash purchase price of $115.0 million on April 1, 2019. Certain unaudited pro forma financial information will be filed in a Form 8-K by April 5, 2019. While this transaction does not include TraumaFX®, our federal government product business, we are exploring strategic alternatives for that business. The operating results of KGS and TraumaFX® will be reported as discontinued operations in the first quarter of 2019.

David L. Dunkel, Chairman and Chief Executive Officer, commented, "We are excited for our KGS management team and associates to join forces with ManTech, which we expect will enhance KGS's competitive positioning. The sale of KGS is the final step in our strategy to narrow our focus to domestic professional and technical staffing services and solutions."

David M. Kelly, Chief Financial Officer, commented, “We expect to use the significant majority of the proceeds from this transaction for share repurchases and are pleased to announce that our Board of Directors approved an increase in our share buy-back authorization to $150.0 million. In anticipation of the closing of this transaction, we repurchased approximately 430 thousand shares for $14.6 million in the first quarter of 2019."

KippsDeSanto & Co. served as the exclusive financial advisor to Kforce in this transaction.

About Kforce

Kforce Inc. (the "Firm") is a professional staffing services and solutions firm that specializes in the areas of Technology and Finance and Accounting. Each year, our network of over 50 offices and two national recruiting centers provides opportunities for 34,000 highly skilled professionals who work with over 4,000 clients, including 70% of the Fortune 100. At Kforce, our promise is to deliver great results through strategic partnership and knowledge sharing. For more information, please visit our web site at http://www.kforce.com.