Today Edcor Data Services
(Edcor) announced the acquisition of BenefitSource, Inc. in a stock
transaction.
BenefitSource is a leading Michigan-based provider of third-party
administration (TPA) services for self-insured medical, dental, vision,
prescription drugs and short-term disability benefit plans, as well as
Flexible Spending Accounts (FSA), Dependent Care Accounts, COBRA, and
online Enrollment Systems.
Edcor, headquartered in Pontiac, Michigan, is a leading provider of
transaction processing services for tuition reimbursement programs,
learning management services, customer experience management and other
outsourced business process services.
"This exciting acquisition enhances the breadth of services we can
offer to current and prospective clients," said Steven J. Corso, President
and CEO of Edcor. "BenefitSource, with operations in Monroe, Grand Rapids
and Kalamazoo, is staffed with experienced and service-oriented
professionals supporting over 50 clients throughout the state of Michigan
and the Midwest. It is in a market where we see considerable growth
opportunities. The combination of Edcor's and BenefitSource's service
offerings will mean that we have a more comprehensive menu of specialized
benefits outsourcing for our clients."
"Joining the Edcor family," added Steven J. Friend, owner and President
of BenefitSource, "will mean that we will have access to a variety of
resources and technologies to enhance our services, as well as grow the
business."
Mr. Friend will be joining the executive team as a Vice President
leading growth initiatives focused on the TPA, FSA and COBRA markets.
Edcor and BenefitSource will continue operations at all facilities.
Donnelly Penman & Partners (investment bankers) and Foley & Lardner LLP
(legal counsel) advised Edcor with respect to the transaction.
SOURCE Edcor Data Services
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