ASGN to acquire Chicago employment tech firm for $340M

Fortune 1000 IT and professional staffing services firm ASGN has signed a definitive agreement to acquire Chicago-based employment tech consultancy TopBloc for $340 million, the Henrico County-based company announced Tuesday.

The transaction in cash and equity is expected to close in the first quarter of the year, subject to closing conditions.

“The acquisition of TopBloc aligns perfectly with our strategic vision for continued growth in the IT consulting sector,” ASGN CEO Ted Hanson said in a statement. “The increasing demand for [enterprise resource planning] solutions among our customers is clear.”

Founded in 2016, TopBloc provides deployment services and on-demand support for Workday, an HR and finance tech platform for businesses. TopBloc’s more than 500 consultants will become part of ASGN’s Consulting Services.

“This is the ideal alignment of two companies that not only share a strong work ethic and enduring dedication to top-notch customer service, but that also possess very similar cultures,” TopBloc CEO Christopher Skinner said in a statement. “Together, we will strategically scale our operations for even greater success.”

More than 10,500 organizations use Workday, including more than 60% of the Fortune 500 list. The company estimates its total addressable market at about $160 billion and reported a 15.8% year-over-year increase in subscription revenue in the third quarter of fiscal 2025.

TopBloc, which is a Workday Services Partner, has completed more than 300 Workday installations over the past five years, according to a news release. It’s expected to generate approximately $150 million in 2025 revenue, which would be a more than 20% year-over-year increase.

ASGN reported nearly $4.1 billion in 2024 revenue, down from $4.45 billion in 2023. Its fiscal 2023 revenue also dropped from the previous year, falling 2.8%. Founded in 1985, the company went public in 1992, and in 2020, moved its headquarters from Calabasas, California to Henrico County.