General Employment Enterprises to acquire Synergistic Service Provider
The Company is comprised of the following business units and services, which, post transaction, will augment GEE's current staffing service offering significantly:
PEO (Professional Employer Organization), BPO (Business Process Outsourcing) and HRO (Human Resources Outsourcing) which collectively provide Benefits Management/Administration, Payroll & Tax Processing, Risk Management, Human Resources, Technology, Insurance, Compliance Management, Payroll Financing and Group Purchasing to small-group businesses that are looking to benefit from larger scale, cooperative based pricing and efficiencies and
Private label back office enabling the administration and management of tax processing, workers compensation claims, unemployment claims, and payroll financing.
With over 12 years in the industry, the Company currently has 2,000 employees throughout 22 states on assignment at peak periods, 200 active and diverse end-user customers, more than 30 staffing professionals working in 10 locations, and a combined payroll of approximately $50 million throughout the United States.
Andrew Norstrud, Chief Executive Officer of General Employment Enterprises, commented, "This acquisition allows General Employment to quickly transition to an "All Encompassing Workforce Strategies Provider" status. Their first class back office services, PEO, similar professional culture, and executive management team will be immediately accretive to the Company and help us achieve our expansion goals quicker than before via increased and diversified service offering and revenue streams. In addition, providing an extension of our customer targets to include staffing companies as well as companies looking for traditional staffing services."
Norstrud continued, "Moreover, integrating this acquisition now will enable easy on-boarding of new acquisitions and provide our sales organization additional products to sell to our current customer base. Post acquisition, General Employment's consolidated Payroll will be over $100,000,000."
More information on this release can be found on file with the Securities & Exchange Commission at www.sec.gov.
About General Employment
General Employment Enterprises, Inc. is the successor to America's first private employment agency, Engineering Agency. Post-acquisition, the Company, together with its subsidiaries, will operate in four industry segments: professional staffing, light industrial staffing, staffing support and professional employment organization (PEO).