BeneficiaryMall and CompuPay today announced the merger of companies through equity financing led by Austin Ventures The investor group also includes HarborVest Partners The combination of BenefitMall and CompuPay creates a leading national employee benefit and payroll provider. The Company will provide full health insurance, benefits, payroll and related products and services to small-to medium-sized enterprises (SMEs) and their employees across the United States. The transaction was closed on 1 May 2012 and the financial terms were not disclosed.
“We are very pleased to facilitate the combination of BenefitMall and CompuPay and to provide capital to accelerate the growth of the Company. AV made a successful investment through our partnership with the BenefitMall Management Team from 1999 to 2006 and AV Principal Scott Donaldson worked closely with CompuPay from 2003 to 2005. We’ve enjoyed long-standing relationships with both management teams, and we’re excited to partner with them again to build a strong employee benefits and payroll market player for SMBs,” said Joe Aragona, AV General Partner.
BenefitMall, headquartered in Dallas, Texas, is the largest general agency in the United States with 32 offices in 11 states serving a network of more than 20,000 brokers across the country. CompuPay, headquartered in Miramar, Florida, is the second largest privately owned payroll processor in the United States with 23 offices in 14 states serving customers in all 50 states. In total, the Company will serve a growing national client base of more than 160,000 SMBs with more than 2 clients. Seven million employees
Bernard DiFiore, Chief Executive Officer of BenefitMall, will be Chief Executive Officer of the Company Charles Lathrop, Chief Executive Officer of CompuPay, will be Chairman and Chief Revenue Officer of CompuPay. DiFiore and Lathrop will join the Board of Directors of the Company. Scott Kirksey, Chief Financial Officer of BenefitMall, will be the CFO of the Company and will join DiFiore and Lathrop in forming the Executive Committee of the Company.
“We’re thrilled to be joining forces with CompuPay and partnering with AV again,” DiFiore said. “In addition to the clear strategic benefits of combining two highly complementary organizations, the integration of benefits and payroll will bring significant value to all of the company’s electoral districts, including our clients, client employees, brokers, channel partners and carriers. “That’s right.
Lathrop said, “The combination of CompuPay’s payroll model and BenefitMall’s extensive network of brokers presents very exciting growth opportunities. As trusted advisors to their clients, brokers are uniquely positioned to implement multiple value-added products and services. CompuPay’s full payroll service capabilities and dedication to extreme customer service will be ideal complements to employee benefit plan offerings. “That’s right.
“With a very strong balance sheet and access to significant additional capital, the Company is well positioned to grow quickly. We intend to invest in our people, products, services and distribution channels in order to expand organically and through acquisitions,” Kirksey added.
About the ProfitMall
BenefitMall, leader in integrated employee benefit solutions, provides industry-leading technology and a national network of local offices that support the broker distribution channel. Headquartered in Dallas, Texas and in business for more than 30 years, BenefitMall is the nation’s largest general agency offering 32 U sales support. Oh, S Markets serving 11 countries Selling more than $1 billion in insurance premiums annually through a national network of more than 20,000 independent registered brokers, BenefitMall offers thousands of insurance plans from more than 125 leading insurance companies. With more than 175,000 in-force groups, BenefitMall supports almost two million employees and their dependents.
Visit Beneficiary Small For more information, com
On CompuPay
Inc. CompuPay Founded in 1980, it is now the second largest privately owned payroll company in the U. Oh, S And the fourth biggest overall Its growing network of local offices processes payroll for tens of thousands of companies ranging in size from one to more than 10,000 employees in all 50 countries. The company provides payroll and employer-related services such as workers’ compensation insurance, employee benefits, retirement plans and Sections 125 and 132 provide clients with highly flexible, innovative solutions to meet their growing business needs.
Visit the www site Compupay’s Com to get more information
On the Austin Ventures
Austin Ventures (‘AV’) has worked with talented entrepreneurs to build valuable companies for over 25 years. Well, with $3 9 billion under management, AV is Texas’ most active venture capital and growth equity firm and one of the nation’s most established venture capital firms. With an investment focus on business services and the supply chain, financial services, new media, the Internet and information services, AV invests from $100,000 in “planned experiments” in early-stage ideas to $100+ million in expansion rounds and recapitalisations at all stages of company development. AV’s strategy is to partner with talented executives and entrepreneurs through its Residence CEO and Entrepreneur-in-Residence programs.
About the Partners of HarbourVest
HarbourVest Partners, LLC is an independent global private equity firm that invests in ventures, purchases and private debt through investment in companies, partnership funds and secondary purchases. Investments in HarborVest’s funds include more than 350 institutional investors, including pension funds, endowments, foundations and financial institutions across the U. Oh, S Canada, Europe, Australia, Latin America, Japan HarborVest and its subsidiaries have more than 230 professionals deployed in Boston, London, Hong Kong, Tokyo and Bogota. The HarborVest team has invested more than $4 billion directly in companies around the world, including growth equity financing for companies such as Wayfair, Global World-Check and CareCentrix.
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