Edcor Expands Service Offerings with Acquisition of BenefitSource, Inc.
PONTIAC, Mich., June 22 /-- 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
CONTACT: Len Serwa of Edcor Data Services, +1-248-836-1336, lserwa@edcor.com
