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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 (78.88 million pounds) 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