ABR Information Services announces acquisition of Total COBRA Services Inc.PALM HARBOR, Fla.--(BUSINESS WIRE)--Feb. 6, 1996--ABR Information Services See Information Systems. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABRX) announced Tuesday the acquisition of Total COBRA Services Inc. (TCS (Transportation Control System) A widely used integrated information system for railroad transportation developed by the Missouri Pacific Railroad Company in the late 1960s and early 1970s. It was later implemented by Union Pacific when the companies merged. ). TCS is a provider of COBRA compliance services and benefits administration services for active and retired employees of Fortune 500 companies and other employers. "The acquisition of TCS will expand our position as the leader in COBRA administration and retiree benefits administration services and increase our presence on the West Coast of the United States The "West Coast", "Western Seaboard", or "Pacific Seaboard" are terms for the westernmost coastal states of the Western United States, comprising most often California, Oregon and Washington. ," said James E. MacDougald, chairman and chief executive officer of ABR (1) (AutoBaud Rate detect) The analysis of the first characters of a message to determine its transmission speed and number of start and stop bits. (2) (Available Bit R . He added, "TCS provides benefits administration services for some marquee West Coast employers." TCS, based in Irvine, Calif., is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. . Founded in 1987, TCS, with 25 employees, had revenues of $1.6 million in calendar 1995. Under the terms of the agreement, ABR acquired TCS for 88,475 shares of ABR common stock, subject to adjustment under certain circumstances. The acquisition will be accounted for using the purchase method of accounting. "We believe that this acquisition is a cost effective way to add more than 200 clients," said Vincent Addonisio, senior vice president and chief financial officer of ABR. He added, "Furthermore, it will give us greater access to the concentration of large employers located in California." ABR is a leading provider of benefits administration, information and compliance services relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc employer-sponsored benefits for active and inactive employees, as well as for post-employment benefits administration. ABR markets its services based on proprietary software and compliance systems. ABR currently services more than 20,000 employers with an employee population exceeding 4,000,000, and believes that it is the largest provider of COBRA compliance services in the United States. ABR's customers include Fortune 500 and other employers in many industries. CONTACT: ABR Information Services Inc., Palm Harbor Vincent Addonisio, Chief Financial Officer 813/785-2819 |
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