Anyone know how much Revenue HR2 brings to the table?
TeamStaff, Inc. Signs Letter of Intent to Acquire New England PEO
SOMERSET, N.J.--(BUSINESS WIRE)--Aug. 15, 2000--TeamStaff, Inc. (NASDAQ:TSTF - news), one of the nation's leading Professional Employer Organizations (PEO), announced today that it has entered into a letter of intent to acquire HR2, a Boston based PEO with clients and employees throughout the New England states.
Commenting on the transaction Donald W. Kappauf, President and Chief Executive Officer of the Company said, ``We are pleased not only by the strategic location of this acquisition but especially with the quality of the senior executives it brings to TeamStaff. Wayne Lynn, HR 2's CEO with several years of PEO experience, will be responsible for operations in New England as well as TeamStaff's existing offices in New York and New Jersey. Ed Kenealy, an experienced PEO attorney, will become TeamStaff's Vice President of Legal and Regulatory Affairs.
Mr. Kappauf continued, ``With our acquisition of the assets of the Synadyne division of Outsource International, Inc. having been completed in April, it is exciting to see that our team is already prepared for another integration. The immediate success we have achieved with the integration of Synadyne, a $200 million PEO in Delray Beach, Florida, where performance in our first few months of operations is generating results that far exceed our estimates, gives us great confidence that we can successfully integrate this and future acquisitions in an accretive manner.'' |
