Administaff and Virtual Growth Announce Formal Strategic Alliance to Provide Integrated Web-Based Personnel Management and Accounting Services.Business Editors NEW YORK--(BUSINESS WIRE)--July 11, 2000 Alliance includes $3MM Investment by Administaff, Targets Service Delivery for Administaff's more than 3,200 SMB (1) (Small to Medium-sized Business) Also called "SME" (small to medium-sized enterprise), it refers to companies that are larger than the small office/home office (SOHO), but not huge. Clients Virtual Growth, an outsourced Internet Business Service Provider for small and medium-sized businesses (SMBs), today announced a formal strategic alliance with Administaff, Inc. (NYSE NYSE See: New York Stock Exchange : ASF See Windows Media formats. 1. (language) ASF - Algebraic Specification Language. 2. (body) ASF - Analytical Solutions Forum. ), a leading Professional Employer Organization A professional employer organization (PEO) provides outsourcing of payroll, workers' compensation, human resources and employee benefits administration. It does this by hiring a client company’s employees, thus becoming their employer of record. (PEO). The alliance, which includes a $3 million equity investment by Administaff, also involves joint sales and marketing initiatives as well as plans to eventually integrate the two product offerings. Administaff's SMB clients will be able to outsource, streamline and centralize their personnel management and accounting functions, removing the burden of building and maintaining both of these operations. Virtual Growth will offer its Web-based accounting solution, Virtual Accountant(TM), to over 3,200 Administaff clients through coordination of Virtual Growth's sales force and Adminstaff's sales force. Virtual Accountant is Virtual Growth's new Web-based, enterprise-class accounting solution that combines an ASP delivery model with outsourced accounting services. This "Next Generation" ASP integrates financial transactions from multiple sources into a general ledger General Ledger A company's accounting records. This formal ledger contains all the financial accounts and statements of a business. Notes: The ledger uses two columns: one records debits, the other has offsetting credits. and allows SMBs to completely outsource their accounting functions to a team of trained accountants who actually do their bookkeeping. Virtual Accountant will also be offered through Administaff's eCommerce portal, bizzport(SM). Bizzport is Administaff's business-to-business and business-to-consumer eCommerce portal that offers a broad range of products and services to clients and employees. Bizzport is accessible via Administaff's Web site at www.administaff.com. Clients of both companies will not only benefit by outsourcing to best-in-class service providers, but by eventually having their PEO-related expenses automatically posted into their general ledger, increasing the accuracy and timeliness of their financial information. "As a leader in outsourced personnel management services, Administaff is the ideal company to expand the integrated service offerings that Virtual Growth will launch in the coming year," said Stephen King <noinclude></noinclude>
Stephen Edwin King (born September 21, 1947) is an American author of over 200 stories including over 50 bestselling horror and , founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Virtual Growth. "This alliance will help SMBs automate and integrate two key components of their back-office operations while removing the burden of building and maintaining accounting and human resource departments." "Accounting is a time and resource-intensive job," commented Paul J. Sarvadi, President and CEO of Administaff. "We created this alliance because both Virtual Growth and Administaff are in the business of improving productivity and helping companies grow quickly by focusing on their core competencies and competing effectively in the new economy. Our equity position reflects our belief that Virtual Growth will be a leader in the Internet business services category." About Virtual Growth Virtual Growth's mission is to deliver automated and integrated business solutions for small and medium-sized companies so they can enhance productivity and concentrate on core competencies. Virtual Growth's first solution, Virtual Accountant(TM), combines an ASP delivery model with outsourced accounting services to provide a cost-effective, proactive accounting solution. The service features Web-based enterprise-class financial software and teams of trained accountants assigned to each client to remove the burden of building and maintaining an in-house accounting department. Founded in 1995, Virtual Growth is privately held and funded by Bessemer Venture Partners Bessemer Venture Partners is a private venture capital firm with offices in Silicon Valley, New York, Massachusetts, China, and India. It has backed such companies as Ciena, Flarion, Parametric Technologies, Skype, Staples, VeriSign and Veritas. , Citigroup Investments Inc., a subsidiary of Citigroup Inc. (NYSE:C), StarVest Partners, Chelsea Capital Partners, and Administaff Inc. (NYSE: ASF). For more information, please visit Virtual Growth at www.virtualgrowth.com. About Administaff Administaff is a leading provider of personnel management services for small and medium-sized businesses throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The company's comprehensive Personnel Management System includes employment administration, benefits management, government compliance, recruiting and selection, employer liability management, training and development, performance management and owner support. Administaff ranks number 615 on the Fortune 1000 list and is included for the second consecutive year on Fortune magazine's list of "America's Most Admired Companies A yearly publication by Fortune Magazine, America's Most Admired Companies consists of corporations that are highly esteemed by the likes of Business Executives, Directors, and Analysts. A survey is taken of close to 3300 professionals who give their opinions on the companies. ." The company also ranks number 83 on the InformationWeek 500 list of leading technology innovators. Administaff currently has 28 sales offices in 16 major markets. For additional information, visit the company's web site at www.administaff.com. Administaff eCommerce Portal, bizzport Administaff's business-to-business and business-to-consumer eCommerce portal represents a major element in the company's comprehensive eBusiness strategy. Designed for exclusive use by Administaff's clients and worksite employees, the portal leverages Administaff's buying power Buying Power The money an investor has available to buy securities. In a margin account, the buying power is the total cash held in the brokerage account plus maximum margin available. Also referred to as "Excess Equity. and business relationships to bring a broad range of products and services from best-of-class providers to the premium small business community represented by Administaff's client base. In addition to Virtual Growth, Administaff has alliances with leading companies such as American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , AT&T, Aon Enterprise Insurance Services, Bank One, Dell, eProsper, Forrester Research Forrester Research is an independent technology and market research company that provides its clients with advice about technology's impact on business and consumers. Corporate facts
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