The sale of its Tampa headquarters will save personnel and professional services company Kforce Inc. up to $ 2 million annually, company executives said Monday evening.
Speaking on a results call with investors, Kforce executives said the sale of its Ybor City office and shifting its workforce to a mix of remote and office workers would give the company greater flexibility in how it operates in a post-COVID-19 world, President Joseph Liberatore said.
“The sale of our head office was announced last week positions us to build a state-of-the-art facility with a smaller real estate footprint, aligned with how work will be performed in the future, by deploying a high-tech, high-touch hybrid operating model, ”said Liberatore .
Last week, Kforce announced it had reached a deal to sell its headquarters for $ 24 million to an undisclosed buyer. He will lease it for up to 18 months while seeking a “smaller, more technological footprint in the Tampa Bay area,” said CFO David Kelly.
Leasing its old headquarters will cost the company hundreds of thousands of dollars over those 18 months. After that, it should save the company between $ 1.5 million and $ 2 million per year, Kelly said.
The company plans to use some of that money to increase headcount in its tech sector, particularly domestic tech staffing, which CEO David Dunkel said represented a $ 31 billion market in 2020. The company has approximately 2,200 employees, including more than 600 in Tampa Bay, plus 12,000 other mission consultants around the world.
The broader global shift to digital and remote work environments is one that Dunkel said Kforce is uniquely positioned to take advantage of.
“Companies have dramatically increased their spending on technology over the past decade, and the rate of growth in this market is accelerating,” said Dunkel. “As we look to the future, there is no other single market segment that we would like to focus on.”
For the first three months of 2021, Kforce reported revenue of $ 363.2 million, up both from December and year over year. The company reported net profit of nearly $ 13.3 million, down from December but up year over year.
Kforce stock closed at $ 57.38 per share on Thursday, slightly higher on the day.