Houlihan Lokey Advises Cornell Capital and TorQuest Partners

Houlihan Lokey is pleased to announce that Cornell Capital LLC and TorQuest Partners have completed an investment in S.i. Systems ULC, Canada's largest information technology staffing company. Terms of the transaction were not disclosed. The transaction closed on October 31, 2022.

Headquartered in Calgary, with offices in Edmonton, Vancouver, Toronto, Mississauga, Montréal, and Ottawa, S.i. Systems leverages its proprietary MatchGuide™ technology to offer its customers a comprehensive suite of solutions for on-demand access to the high-skilled IT talent necessary to support their most critical business initiatives. Led by a best-in-class leadership team with deep industry experience, S.i. Systems has established itself as a leading provider of critical IT talent across industries in Canada and recently entered the high-demand U.S. market through the establishment of new offices in Chicago and Houston.

Cornell Capital and TorQuest together have prior extensive experience investing in the staffing industry and are excited to partner with S.i. Systems’ management team. The company will retain its headquarters in Calgary, and Cornell Capital and TorQuest will work closely with the current management team—led by Chief Executive Officer and Founder Derek Bullen, President Leonie Tyler, and Chief Financial Officer Andrew White—to build on S.i. Systems’ long track record of supporting its Canadian clients and accelerating momentum to execute on the company’s next phase of growth.

“This partnership will provide S.i. Systems with the support and added resources to expand our IT specialization, making us better equipped to serve our clients,” said Mr. Bullen. ​“We are thrilled to have exceptional partners in Cornell Capital and TorQuest that bring unique perspectives and experience partnering with innovative companies to drive growth and create value. As we continue building our industry-leading position and supporting clients that are navigating an increasingly complex and sophisticated technology and talent landscape, we look forward to working with the Cornell and TorQuest teams to further differentiate S.i. Systems in Canada and across North America.”

“S.i. Systems’ unique operating culture, investments, systems, and specialized market expertise have consistently differentiated the company in a competitive and evolving IT landscape,” said Charles Buaron, Managing Director of Cornell Capital.

“Derek and the exceptional S.i. team have built a tech-enabled platform that goes above and beyond to support clients across markets, establishing an industry-leading reputation for reliability and for connecting leading businesses with IT-focused difference-makers at all levels,” said Andrew Kolupanowicz, Principal of TorQuest. ​“We believe that the combined presence and experience of Cornell Capital and TorQuest will bring well-rounded insight to this partnership, and we look forward to working with the S.i. Systems management team to continue to grow its presence across Canada and expand strategically into untapped and attractive markets.”

Houlihan Lokey served as the exclusive buyside financial advisor to Cornell Capital and TorQuest Partners.

Houlihan Lokey’s Human Capital Management (HCM) team is among the most active M&A advisors in the market, having closed or announced 14 transactions in the past 24 months. This most recent transaction further strengthens Houlihan Lokey’s leadership in the business services universe and highlights continued momentum and leadership in the HCM sector, which includes staffing, recruitment, VMS, MSP, RPO, talent management, and PEO.