ExpenseMatters : The Source for Expense Management

Administaff Acquires ExpensAble

By on June 23, 2010 in Industry News, Press Release with 0 Comments

Last week, there was another acquisition announcement in the expense management space.  ExpenseAble has flown under the radar of many of their competitors & press, but their presence in the market is as solid as any other in the space.  See the official press release below:

Administaff Acquires ExpensAble, a Leading Software Services Company

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, Cal. 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 at http://www.administaff.com.

Tags: , , , , , , ,

Subscribe

If you enjoyed this article, subscribe now to receive more just like it.

Top