HOUSTON – June 15, 2010 –Administaff, Inc. (NYSE:ASF), a leading provider of human resources
services for small and medium-sized businesses, today announced that it
has acquired OneMind Connect, Inc., which does business under the trade
name ExpensAble. ExpensAble is a privately held company based in Irvine,
CA. The terms of the transaction were not disclosed; however, the
acquisition costs and first year operations are not material to
Administaff’s 2010 results.
ExpensAble is a leading provider of
expense report management solutions delivered in both 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.
ExpensAble currently serves over 5,000 companies worldwide. Existing
management and staff will continue to oversee operations, and the
company will continue to operate under the ExpensAble name.
"ExpensAble
represents a strong addition to our growing line of SaaS products that
offer a compelling value proposition to businesses looking to improve
productivity and profitability,” said Paul J. Sarvadi, chairman of the
board and chief executive officer of Administaff. "This acquisition
advances our corporate strategy of developing profitable adjacent
business units with recurring revenue streams, strong growth potential,
and substantial cross-selling opportunities to grow our core PEO
business.”
"ExpensAble addresses the growing need for businesses
to gain better control and real-time visibility into their spending
trends in one of their largest controllable cost areas, while
streamlining the expense reimbursement process,” said John Tangredi,
president of ExpensAble. "As an Administaff company, we have a great
opportunity to leverage their financial strength as well as many other
resources to reach our potential as a leader in the rapidly growing
Software as a Service business.”
Administaff is the nation’s
leading professional employer organization (PEO), serving as a
full-service human resources department that provides small and
medium-sized businesses with administrative relief, big-company
benefits, reduced liabilities and a systematic way to improve
productivity. The company operates 51 sales offices in 24 major markets.
For additional information, visit Administaff’s website
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