Spherion To Provide $5 Million Credit Facility To Xceed

Digital strategy and professional services firm Xceed Inc. has received a $5 million secured revolving credit facility from Spherion Corporation, a human capital management company and a strategic alliance partner of Xceed. Closing of the credit facility is subject to execution of definitive agreements and satisfaction of customary conditions, which is expected to be completed within the next week. In May, Spherion made an 8.3 percent equity investment in Xceed by purchasing 2 million shares of common stock for approximately $24.8 million.