Case study: Staffing firm evolves while helping others

Strategic advice

Learn how a partnership with Truist led to significant growth for Veredus.

Company Overview

Name: Veredus, a Hays Company

Location: The U.S business is headquartered in Tampa, Florida, one of 12 U.S. locations. Its parent company is based in London, UK

Business profile: A leading professional staffing firm, filling contract and full-time positions for Fortune 500 and middle-market companies

Business model: Helps IT companies find employees in a convenient and timely manner

Veredus’ growth journey

Founded in 2001, Veredus handled much of its business through contracts. However, its rapid growth meant having to keep up with increasing payrolls. Therefore, the company needed continuous and easy access to capital. Veredus was looking for a partner—not just a bank—and found this relationship with Truist. Within the first year of the partnership, the staffing firm doubled in size.

Tactical business decisions allowed Veredus to continually reach its potential and more. In fact, Veredus sold 80% of its firm to global staffing company Hays PLC in 2014, enabling it to compete with the largest staffing firms in the U.S., and fully merged in 2017. Now operating as Hays, powered by Veredus, these experts are leaders in the industry—Hays ranked sixth on SIA’s 2020 Largest Global Staffing Firms list.Disclosure 1 Not to mention, the company is the number-one market leader in nine different countries.Disclosure 2

A lot of staffing firms never really can grow past 10 million in sales because they don’t have a good banking partner that will extend them the credit necessary to be able to grow their business. We are fortunate that Truist was there every step of the way. When we needed access to more financing, they provided it to us, and they were really the rocket fuel for our growth.” — David Hull, former Chief Operating Officer, Veredus

Our impact in action

Truist has helped Veredus grow by assembling teams of experts to deliver creative solutions, including credit and treasury officers, and investment bankers at Truist Securities. Financial planning advice, a leveraged recapitalization plan, and other smart strategies allowed Veredus to thrive.

One product that Veredus took advantage of was the purchase card as an alternative to corporate cards. Incorporating the purchase card enabled the company to immediately add new employees, increase cash limits, monitor card activity, and pay balances down daily. It even provided a layer of cash flow outside of Veredus’ standard line of credit.

And when it came to the Hays transaction, even though Hays had its own global network of banks, Veredus and Truist negotiated a contract to preserve their partnership. Since Veredus was Hays’ first foray into the U.S. staffing market, this opened the door for significant future growth and instantly extended Veredus’ business reach. The firm increased its footprint in the New York area and expanded its construction and property business in Dallas, Houston, and Orlando. And once the integration was complete, Hays continued applying its world-class expertise to achieve industry milestones: the staffing company placed 300,000 people in new jobs in 2020 alone.Disclosure 3

“Every step of the way, when we needed more capital to support the growth of the business, Truist was always there. They never said no. And as our needs became more complex, they offered more sophisticated products, but the service never changed.” — David Hull

Truist offered Veredus a one-stop banking partner with the essentials to grow and sell the business. “Truist clearly had the best pricing and best service, and they knew the company,” says Hull.

Overall, Truist enabled Veredus to grow at its own pace by tailoring solutions to the specific situation—from serving in an advisory capacity on the Hays transaction, to increasing Veredus’ line of credit throughout the partnership.

Veredus grew significantly through its partnership with Truist. Not only has it been able to maintain its strength and prosperity amid a successful acquisition, but Veredus has also been able to incorporate additional solutions at a rate that worked best for the firm. 

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