Administaff announces acquisition of ExpensAble.
TELECOMWORLDWIRE-15 June 2010-Administaff announces acquisition of ExpensAble(C)1994-2010 M2 COMMUNICATIONS http://www.m2.com
HR services provider Administaff Inc (NYSE:ASF) announced on Tuesday it has acquired OneMind Connect Inc, which does business under the trade name ExpensAble.
The financial terms of the transaction were not disclosed; however, Administaff said the acquisition costs and first year operations are not material to its 2010 results.
ExpensAble is a provider of expense report management solutions delivered in a Software as a Service (SaaS) model and as a desktop software product. The company offers solutions that automate expense reporting, enforce corporate travel policies, streamline management and provide visibility into a company's expenditures through data collection, analytics and reporting.
According to the company, ExpensAble represents a strong addition to Administaff's line of SaaS and the acquisition advances the company's strategy of developing profitable adjacent business units with recurring revenue streams, strong growth potential and substantial cross-selling opportunities to grow its core PEO business.
Following the acquisition, existing management and staff will continue to oversee operations and the company will continue to operate under the ExpensAble name.
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|Date:||Jun 15, 2010|
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