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Profile Services Inc history
Profile Services Inc company history timeline
The PROFILE group’s journey began in Philadelphia, PA in 1974.
In 1976, the ISS Center for Service Management was established near Copenhagen.
ISS took a major stake in a New York facilities management firm, the Prudential Building Maintenance Corp., in 1979.
1979: Holdings in United States-based facilities management firm are acquired.
In 1985 the company topped $550 million in annual revenues and booked a net profit of $58.7 million.
ISS launched an employee stock ownership plan in 1986.
Since 1987 when he took office, Thompson claimed that Wisconsin had reduced the number of people on welfare more than the other 49 states combined.
In 1988 MAXIMUS signed a major five-year, $49 million contract with Los Angeles County to run its portion of a state welfare-to-work program called GAIN (Greater Avenues for Independence), the first attempt to privatize a welfare system.
Although agreeing to stay on as CEO and chairman of the board, he decided to retire to Bermuda in 1990.
ISS acquired control of Sweden's ASAB Group in 1991, as well as Evon Beheer B.V., a Dutch hospital services company.
In preparation of Huizenga taking over Republic, DeGroote spun off the hazardous waste portion of the business as well as a 1992 acquisition, Stout Environmental Inc., which had fared poorly and resulted in a one-time charge of $2.6 million.
Also in 1994 MAXIMUS had problems in West Virginia after it hired a consultant who was a supervisor of a project on which it was bidding.
ISS began trading on the New York Stock Exchange in 1994, five years after its shares were listed on London's International Stock Exchange.
The company also planned to grow nationally, expanding on its base of Cleveland-area customers. Its head, Greg Skoda, was hired by International Alliance to become its chief financial officer in December 1996.
In 1997 the company received a $12.4 million contract to manage Connecticut's child-care services for women enrolled in a welfare-to-work program, but quickly experienced problems.
Aaxis Limited acquired it in 1997, while ISS Group took a 19.5 percent holding in Aaxis, which was listed on the Montreal exchange.
In the meantime Century's accounting practices were again called into question, and on December 28, 1999, the company was forced to revise the way it accounted for goodwill, the amount above the book value of an acquisition.
Eric S. Rylberg was named CEO in an August 2000 restructuring.
The company's Milwaukee operation led to even more bad press in New York City in 2000 when the city comptroller, Alan Hevesi, questioned a $104 million welfare-to-work contract, renewable for an additional $104 million, that MAXIMUS had been awarded without going through the formal bidding process.
2002: DeGroote resigns as chairman, replaced by Gerard.
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