Metavesco, Inc. (OTC PINK:MVCO) has completed the acquisition of significant assets from Epic Labor, Inc., a Georgia-based provider of on-demand temporary staffing solutions, marking its strategic entry into the staffing industry. The transaction, finalized on September 27, 2024, involves Metavesco's newly created wholly-owned subsidiary, also named Epic Labor, Inc., taking over customer contracts, tangible assets, and operating assets from Epic Labor's Nashville and Knoxville, Tennessee branch offices. These offices, previously operating under the laborSMART name, will be rebranded under the Epic Labor trademark now owned by Metavesco.
This acquisition represents a significant diversification for Metavesco, which has interests in sectors including bitcoin mining and consumer packaged goods. The move positions the company to capitalize on the growing demand for flexible workforce solutions across various industries. The staffing industry generates over $200 billion in annual revenue in the United States alone, according to industry data, underscoring the substantial market opportunity Metavesco is pursuing. As businesses increasingly seek flexible staffing solutions to manage workforce needs efficiently, companies like Metavesco's Epic Labor are well-positioned to meet this demand.
Ryan Schadel, CEO of Metavesco, stated, "I am thrilled to finally have this acquisition completed. This acquisition aligns perfectly with our strategic vision of diversifying our holdings and investing in industries that provide resilient, long-term growth. We are going to build something amazing with the Epic Labor brand and we are going to Build in Public." The company's strategy of "Building in Public" suggests a commitment to transparency and engagement with stakeholders as it develops its newly acquired staffing business.
As part of the agreement, Metavesco will assume certain liabilities necessary for the ongoing operations of the acquired business. This approach ensures continuity of services for existing clients while providing a platform for growth under the Metavesco umbrella. The staffing industry has demonstrated resilience and adaptability, particularly in response to changing work dynamics and economic fluctuations. By entering this space, Metavesco aims to tap into a market that offers both stability and growth potential.
For HR vendors and industry observers, this acquisition signals Metavesco's intent to become a significant player in the staffing sector. The company's diverse portfolio, now including temporary staffing solutions, may offer increased stability and growth opportunities. As Metavesco integrates these new assets and expands its presence in the staffing industry, its performance and market position will be closely monitored. This acquisition reflects a broader trend of diversification among holding companies as they seek to balance portfolios across different sectors to mitigate risks and capitalize on various market opportunities.
Metavesco's move into staffing, alongside its existing interests in technology and consumer goods, exemplifies this diversification strategy. As the company begins to operate and grow its new staffing business, the industry will be watching to see how Metavesco leverages its experience in other sectors to potentially innovate within the staffing space. The promise to "build something amazing" with the Epic Labor brand suggests that Metavesco may be looking to bring fresh perspectives and possibly technological innovations to the traditional staffing model. This development could influence competitive dynamics in the staffing industry and create new opportunities for partnerships and service innovations that benefit HR vendors and their clients.
