Hudson Global, Inc. (HSON): History, Ownership, Mission, How It Works & Makes Money

When you analyze a company like Hudson Global, Inc. (HSON), are you looking at a specialized Recruitment Process Outsourcing (RPO) firm, or something much broader now?

Honestly, the answer changed on September 5, 2025, when the company officially transitioned to Star Equity Holdings, Inc., following its merger with Star Operating Companies, Inc., creating a diversified holding company with pro-forma annualized revenue of $210 million. This move fundamentally shifts the investment thesis from a pure-play talent solutions provider-which posted a Q2 2025 net loss of $0.7 million-to a multi-sector entity looking to leverage its $240 million in US federal net operating losses (NOLs). We need to look past the old ticker (HSON) and understand how this new, diversified structure actually works and makes money for you today.

Hudson Global, Inc. (HSON) History

You need a clear picture of how Hudson Global, Inc. evolved to its current form, especially given the major changes in 2025. The direct takeaway is that Hudson Global was a specialized talent solutions provider, but its recent merger with Star Equity Holdings, Inc. has transformed it into a diversified holding company, effectively ending the Hudson Global brand's independent public journey.

Given Company's Founding Timeline

Year established

Hudson Global, Inc. officially began its independent journey in 2003, spinning off from a much larger corporate entity.

Original location

The company emerged from the executive search and staffing divisions of Monster Worldwide, which was then known as TMP Worldwide, and was initially based in New York City.

Founding team members

As a spin-off, Hudson Global did not have traditional startup founders. Its initial leadership and operational teams were drawn from the existing divisions of its parent company, TMP Worldwide/Monster Worldwide, which were carved out to form the new public entity.

Initial capital/funding

The company was established through a spin-off distribution of its stock to the shareholders of its parent company, Monster Worldwide, starting life as a publicly-traded entity with inherited assets and revenue streams, not through typical venture capital funding.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's history is defintely a story of strategic focus followed by a radical diversification. For years, the core strategy was to sell off everything that wasn't high-margin Recruitment Process Outsourcing (RPO) to become a specialized global talent solutions provider, operating under the Hudson RPO brand.

• The Great Pivot: The multi-year process of divesting non-core assets was the first major transformation. This move streamlined the company, focusing it on the higher-margin RPO business-a clear decision to prioritize profitability and specialization over sheer scale.
• 2025 Financial Snapshot: Before the final merger, the company was still navigating market shifts. For the first quarter of 2025, revenue was $31.9 million, and the net loss was $1.8 million. By the second quarter of 2025, revenue was $35.5 million, with a net loss of $0.7 million, showing a modest improvement in loss reduction.
• The Merger and New Identity: The most significant, near-term transformation was the August 2025 merger with Star Equity Holdings, Inc. This move immediately shifted the company from a focused talent firm to a diversified holding company. The new entity now operates four segments: Building Solutions, Business Services (which is Hudson RPO), Energy Services, and Investments.
• Value Creation: The merger was explicitly structured to create a combined entity with greater scale, aiming to utilize Hudson Global's substantial $240 million in U.S. federal net operating losses (NOL). That's a huge tax benefit.

The company you are analyzing today is no longer just a talent solutions provider; it's a multi-sector platform. For a deeper dive into the new ownership structure and what this means for investors, you should be Exploring Hudson Global, Inc. (HSON) Investor Profile: Who's Buying and Why?

Hudson Global, Inc. (HSON) Ownership Structure

The ownership structure of Hudson Global, Inc. underwent a significant transformation in 2025, culminating in a merger that positioned the firm as a diversified holding company. This structure is now governed by a blend of institutional investors, company insiders, and public shareholders, with a clear focus on capital allocation and long-term value creation across its new, broader platform.

Given Company's Current Status

As of November 2025, Hudson Global, Inc. is no longer its own standalone entity; it completed a definitive merger with Star Operating Companies, Inc. on August 22, 2025, with Hudson Global as the surviving legal entity. Following the merger, the company officially changed its corporate name to Star Equity Holdings, Inc., effective September 5, 2025. This change reflects a strategic shift to a diversified holding company model, combining Hudson's global talent solutions business with Star's construction and investment divisions. The combined entity operates with a pro-forma annualized revenue of approximately $210 million. The common stock, formerly traded as HSON, now trades on the NASDAQ under the ticker symbol STRR. If you want to dive deeper into the strategic rationale, you can read the Mission Statement, Vision, & Core Values of Hudson Global, Inc. (HSON).

Given Company's Ownership Breakdown

The ownership structure of Star Equity Holdings, Inc. (formerly Hudson Global, Inc.) is heavily influenced by institutional and insider holdings, which is typical for a smaller-cap public company. Institutional investors hold the largest stake, but insiders maintain a substantial position, defintely aligning management's interests with shareholder returns. Here's the quick math on the breakdown using the most current data available in November 2025:

Given Company's Leadership

The company is now steered by a leadership team focused on managing a diversified portfolio, with key roles dedicated to both corporate strategy and the core talent solutions business. The Board of Directors expanded to seven members following the August 2025 merger, bringing in new independent expertise. The executive team for Star Equity Holdings, Inc. as of November 2025 includes:

• Jeff Eberwein: Chief Executive Officer (CEO)
• Rick Coleman: Chief Operating Officer (COO)
• Matt Diamond: Chief Accounting Officer
• Hannah Bible: Chief Legal Officer
• Shawn Miles: Executive Vice President - Finance
• Jake Zabkowicz: Global CEO of Hudson RPO (the Recruitment Process Outsourcing division)

The Board of Directors added three new independent directors-Todd Fruhbeis, Jennifer Palmer, and Louis Parks-to help oversee the expanded and diversified operations. This structure ensures the core RPO business remains a priority while the holding company pursues new growth opportunities in areas like Building Solutions and Energy Services. That's a lot of plates to spin, but the team has the track record for it.

Hudson Global, Inc. (HSON) Mission and Values

Hudson Global, Inc.'s core purpose, primarily channeled through its Hudson RPO brand, is to be the trusted global partner that delivers specialized talent solutions, moving beyond simple staffing to drive client growth through innovative recruitment outsourcing. This commitment is currently being re-aligned under the new Star Equity Holdings structure, but the operational DNA remains focused on talent acquisition excellence.

Hudson Global, Inc.'s Core Purpose

The company's cultural DNA centers on a consultative approach, positioning itself as a strategic advisor rather than just a vendor. This focus is what allowed the business to report an adjusted EBITDA of $1.9 million in the second quarter of 2025, a significant jump from the $0.8 million reported in the same quarter a year prior, showing the value of this specialization.

Official mission statement

The mission of Hudson Global, Inc. is to deliver innovative, customized recruitment outsourcing (RPO) and total talent solutions to organizations worldwide. They aim to meet clients' strategic growth initiatives by offering tailored services.

• Deliver innovative, customized recruitment outsourcing.
• Provide total talent solutions to organizations globally.
• Meet clients' strategic growth initiatives.

Vision statement

The company's vision is to be a leading global total talent solutions provider, significantly expanding its reach and impact through technology and strategic growth. This is evident in the launch of the Digital Division in February 2025 and the investment of approximately $1.4 million in sales, marketing, and technology in the first half of 2025 to enhance future growth.

• Achieve global leadership in total talent solutions.
• Drive expansion through technology and strategic acquisitions.
• Outperform peers in the specialized RPO market.

To be fair, the company's post-merger vision, as Star Equity Holdings, is broader: to build a defintely diversified platform of businesses with strong fundamentals and long-term growth potential.

You can explore more about the company's foundational principles here: Mission Statement, Vision, & Core Values of Hudson Global, Inc. (HSON).

Hudson Global, Inc. slogan/tagline

Hudson Global, Inc., operating as Hudson RPO, does not use a single, short slogan but instead emphasizes its operational promise. The core message is about partnership and results in the talent acquisition space. The branding focuses on the value proposition, which is a lot more concrete.

• Powering client success through our total talent solutions.
• As a trusted advisor, we meet our commitments, deliver quality and value.

Here's the quick math: the company's Q1 2025 revenue was $31.9 million, but the adjusted net revenue-which focuses on the higher-margin, core RPO business-was $16.4 million, showing their strategic focus is on that profitable core, not just gross sales.

Hudson Global, Inc. (HSON) How It Works

Hudson Global, Inc. (HSON) operates as a diversified holding company following its August 2025 merger with Star Equity Holdings, Inc., which means it now manages a portfolio of distinct businesses across multiple sectors, not just talent solutions. This new structure allows the company to generate revenue from three core operating divisions-Business Services, Building Solutions, and Energy Services-providing stability through diversified income streams.

Hudson Global, Inc.'s Product/Service Portfolio

Hudson Global, Inc.'s Operational Framework

The company's operational framework is now centered on managing and growing its four distinct segments: Business Services (Hudson RPO), Building Solutions, Energy Services, and Investments. The goal is to maximize the value of each unit under the umbrella of the holding company.

For the core Business Services division, the approach is still consultative and global. They focus on Recruitment Process Outsourcing (RPO), which is a full or partial outsourcing of a client's permanent recruitment function. A key strategy is 'Land and Expand,' where they start with a small service offering and then grow the relationship into a more comprehensive solution, like they did with the acquisition of Alpha Consulting Group to expand into the Japanese market in July 2025. Breaking Down Hudson Global, Inc. (HSON) Financial Health: Key Insights for Investors

In the first half of 2025, before the merger's full impact, the company's talent solutions business showed mixed results against a challenging macroeconomic backdrop. Here's the quick math: Q1 2025 revenue was $31.9 million, and Q2 2025 revenue came in at $35.5 million. Still, the company is investing heavily in digital capabilities, launching a new digital division and a solution called Hudson Infusion to enhance AI technology enablement and improve client service offerings. This is defintely a smart move.

Hudson Global, Inc.'s Strategic Advantages

The merger in August 2025 fundamentally reshaped Hudson Global, Inc.'s competitive edge, moving it from a pure-play RPO firm to a multi-sector entity with greater scale and financial flexibility.

• Diversified Revenue Base: The combined entity boasts pro-forma annualized revenues of approximately $210 million, significantly reducing reliance on the cyclical recruitment market by adding stable revenue from the Building and Energy Services divisions.
• Valuable Tax Asset: The company holds approximately $240 million in U.S. Federal net operating losses (NOLs), which can be used to offset future taxable income from the combined entity's profitable segments, greatly enhancing cash flow.
• RPO Brand Strength: The Hudson RPO brand maintains strong global recognition and deep industry expertise in talent solutions, particularly with mid-to-large multinational corporations across 14 countries.
• Operational Synergy: The merger is projected to generate at least $2 million of annualized cost savings within 12 months by streamlining corporate overhead and public company costs.

Hudson Global, Inc. (HSON) How It Makes Money

Hudson Global, Inc., now operating as part of the newly merged Star Equity Holdings, Inc., primarily makes money by providing specialized talent solutions, namely Recruitment Process Outsourcing (RPO), which is a subscription-like service for high-volume hiring, and professional contracting. Since the merger in August 2025, the company's financial model has diversified into a holding company structure, with the legacy talent business now housed under the Business Services segment, which still generates the majority of its revenue.

Given Company's Revenue Breakdown

As of November 2025, the company's financial structure is defined by its merger with Star Equity Holdings, Inc., which closed in August 2025. This move created a diversified entity. The table below reflects the revenue contribution of the new operating segments based on the combined company's reported Q3 2025 revenue of $48.0 million.

Business Economics

The core of the legacy Hudson Global business, now the Business Services segment, relies on a high-gross-margin model for its RPO services and a lower-margin, high-volume model for its contracting services. The goal is to maximize 'adjusted net revenue' (gross profit), which strips out the high pass-through costs of contracting services, providing a clearer picture of value-add performance. In Q3 2025, the Business Services segment reported a gross profit of $18.6 million, which was essentially flat year-over-year, despite industry contraction, speaking to the resilience of its long-term RPO contracts. The strategic value of the merger is to use the predictable cash flow from this segment to fund growth in the new, higher-growth Building Solutions and Energy Services segments. You can see the strategic alignment of the company's talent-focused operations and its corporate vision here: Mission Statement, Vision, & Core Values of Hudson Global, Inc. (HSON).

• RPO Pricing: Typically fixed-fee or management-fee models, providing recurring revenue and higher margins.
• Contracting Pricing: Mark-up percentage on the contractor's pay rate, resulting in high revenue but lower gross profit margin.
• Geographic Strength: Asia Pacific and the Americas regions drove gross profit growth of 9% and 5%, respectively, in Q3 2025, offsetting a 25% decline in the EMEA region.

The whole point of the merger was to diversify away from the cyclical nature of the talent solutions market. That's a defintely prudent move for long-term stability.

Given Company's Financial Performance

The financial performance in 2025 reflects a company in transition, with the first half showing legacy performance and the third quarter incorporating the new, diversified structure. Total reported revenue for the nine months ended September 30, 2025, was approximately $115.4 million ($31.9M in Q1 + $35.5M in Q2 + $48.0M in Q3). The combined entity's Q3 2025 results show the immediate impact of the merger. Here's the quick math on the combined entity's health:

• Q3 2025 Total Revenue: $48.0 million, a 30.1% increase year-over-year, driven by the August 22 merger.
• Q3 2025 Adjusted EBITDA: $1.3 million, up from $0.8 million in the prior year quarter, demonstrating improved operating efficiency.
• Net Loss: The company reported a Q3 2025 net loss of $1.8 million, primarily due to non-recurring expenses related to the merger.
• Liquidity: The company maintained a healthy cash position, ending Q3 2025 with $18.5 million in total cash, including restricted cash.
• Strategic Asset: The company holds approximately $240 million of usable U.S. federal net operating losses (NOLs), a significant non-cash asset that the new structure is designed to better utilize.

What this estimate hides is the true organic growth of the Business Services segment, which saw a minimal 0.5% revenue edge up in Q3 2025, suggesting the core talent market remains challenging despite the overall positive combined numbers. The key action now is to watch for the full-year 2025 pro forma results to truly gauge the new company's profitability and stability.

Hudson Global, Inc. (HSON) Market Position & Future Outlook

Hudson Global, Inc. (HSON), which formally merged with Star Equity Holdings, Inc. and changed its name to Star Equity Holdings, Inc. (STRR) in September 2025, is strategically shifting from a pure-play Recruitment Process Outsourcing (RPO) firm to a diversified holding company with its core talent business, Hudson Talent Solutions (HTS), as a key segment. This move is designed to stabilize revenue and leverage a substantial $240 million in U.S. federal net operating losses (NOLs). The Business Services segment (HTS) demonstrated resilience in a challenging market, reporting $37 million in revenue for the third quarter of 2025, a slight increase year-over-year.

Competitive Landscape

The RPO market is fragmented, dominated by a few large global players, but Hudson Talent Solutions maintains a competitive edge through niche specialization and technology. While the global RPO market size is estimated at approximately $11.87 billion in 2025, HTS's estimated market share reflects its position as a specialized, high-touch provider rather than a volume leader.

Opportunities & Challenges

The company's future performance hinges on its ability to execute a multi-sector diversification strategy while capitalizing on its core competency in RPO and new talent technologies. The pro-forma annualized revenue for the combined company is around $210 million, providing a larger base for growth.

Industry Position

Hudson Global, Inc., now operating as Star Equity Holdings, has fundamentally changed its industry position. It has moved from being a smaller, publicly-traded global RPO specialist to a diversified holding company using the strength of its Business Services segment (HTS) to fuel a broader strategy. This is defintely a high-stakes pivot.

• The HTS segment is positioned as a Total Talent Solutions provider, moving beyond traditional RPO to include Executive Search, Employer Branding, and Contingent Workforce services.
• Its Asia Pacific segment remains a strong performer, with Q1 2025 adjusted net revenue increasing by 14% year-over-year, and the region being recognized as a top RPO provider.
• The launch of the HudsonFlow delivery framework in November 2025, which embeds proprietary Agentic AI (TESS) into the recruitment process, is a key differentiator in the increasingly tech-focused RPO landscape.
• The merger's primary goal is to increase scale and revenue diversity, aiming for a better path to a possible future addition to the Russell 2000 index, which would boost stock trading liquidity.

If you want to dive deeper into the nuts and bolts of the financials, you should read the detailed analysis at Breaking Down Hudson Global, Inc. (HSON) Financial Health: Key Insights for Investors.