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CoAdvantage buys PEO and software firm

January 03 2008
Privately held CoAdvantage, an Orlando FL-based professional employer organization, said today it acquired NELCO Inc. and PlanSource. NELCO is a Bradenton FL-based PEO, while PlanSource is a Salt Lake City-based a benefits administration software and services provider. The three companies combined will have projected 2008 net revenue of $106 million. Terms of the deals were not announced.

The combined organization could rank in the top 10 of PEOs in the country, according to CoAdvantage. The combined entity includes two PEOs, a human resource outsourcing company, an insurance agency, and the benefits administration software and services company.

"We will enhance our bundled HR solutions to the small employer by incorporating the strengths of NELCO, while the PlanSource acquisition will provide the necessary software platform to effectively deliver our solution to employers of the mid-market," said CoAdvantage CEO Dayne Williams.

NELCO was one of the top 25 PEOs in the country before its acquisition by CoAdvantage and was the 68th largest private business in Florida, according to Hyde Park Capital Advisors LLC, the investment bank for NELCO in the deal. NELCO was founded 24 years ago by Virginia Dorris.

Staffing Industry Analysts ranked NELCO No. 21 among largest PEOs in 2005.

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