Paylocity (NASDAQ: PCTY), a cloud-based provider of payroll and human capital management (“HCM”) software solutions, announced today the acquisition of substantially all the assets of BeneFLEX HR Resources, Inc. (“BeneFLEX”), a privately held third-party benefits administration company in an all-cash transaction.
Founded in 1994 and headquartered in St. Louis, BeneFLEX administers employee benefit plans, including flexible spending accounts (“FSAs”), health savings accounts (“HSAs”), health reimbursement accounts, (“HRAs”) and COBRA for mid-market clients across the Midwest and California.
“The acquisition of BeneFLEX expands our product portfolio, allowing us to provide additional benefit administration solutions to our clients, prospects, and the insurance broker community,” said Steve Beauchamp, Chief Executive Officer of Paylocity. “I believe the combination of BeneFLEX’s expertise in this growing market and Paylocity’s leading payroll and HCM platform creates a compelling value proposition for our clients and broker partners. We are excited to welcome the 36 BeneFLEX employees, as well as clients and referring brokers to the Paylocity family.”
“Paylocity and BeneFLEX are a natural fit to join forces, and together will provide even greater value to clients, prospects, and our broker partners,” said Mark Schmersahl, Vice President of BeneFLEX.
Further details, including the financial impact of the BeneFLEX acquisition, will be provided when Paylocity reports its third-quarter fiscal 2018 financial results.
For the official press release, click here.