DecisionHR Acquires Modern Business Associates, Inc., Forming One of the Five Largest Privately Held PEOs in the U.S.
Peter Newman
President, DecisionHR
Sean McConnell
CEO, Modern Business Associates
Saint Petersburg, Florida, Dec. 22, 2021 (GLOBE NEWSWIRE) -- DecisionHR, a nationwide full-service professional employer organization (PEO), today announced its strategic acquisition of Modern Business Associates, Inc. (MBA), combining the resources of two Tampa Bay-area leaders in the human resources solutions marketplace.
The combination of the two companies, which becomes effective on January 1st, 2022, will create one of the five largest privately held PEOs in the United States with more than 50 years of collective experience.
Servicing to clients of both companies will remain seamless and there are no immediate plans for day to day changes in operations for either DecisionHR or Modern Business Associates.
“We have been actively looking for a strategic partner to continue to build our company and provide additional expertise in the PEO marketplace,” said Peter Newman, President of DecisionHR. “We view this as a coming together of two PEO leaders who have their roots in St. Petersburg and can now offer an even wider array of services to clients nationwide."
“We have been actively engaged in identifying a strategic partner and DecisionHR is a natural fit,” said Sean McConnell, Chief Executive Officer of Modern Business Associates, Inc. “We are excited about the combination with DecisionHR. They share our company values through their family culture, commitment to social responsibility, and focus on the user experience.”
Newman will become Chief Executive Officer of the combined entity and McConnell will remain CEO of MBA.
Silva Capital Solutions, Inc. served as strategic adviser for DecisionHR on the transaction and Dowling Hales served as strategic adviser for MBA.
About DecisionHR:
DecisionHR’s industry-leading benefits and HR solutions let small- and medium-sized business owners focus on what’s truly important - running their business and boosting the bottom line. As a full-service professional employer organization (PEO), DecisionHR serves 42 states and covers more than 30-thousand worksite employees across a wide range of industries. With 25 years in the business, DecisionHR assists its clients in the areas of payroll, workers’ compensation, human resources, and benefits. DecisionHR’s headquarters are located in St. Petersburg, Florida. DecisionHR is a wholly-owned subsidiary of Bankers Financial Corporation. For more information about DecisionHR, visit https://decisionhr.com.
About Modern Business Associates, Inc.:
Founded in 1997 in St. Petersburg, Florida by Jack S. Rice, Sr., and Jack S. Rice, Jr., MBA is one of the largest privately-held HR outsourcing companies in the United States. MBA offers customized payroll, tax expertise, benefits administration, risk management and HR consulting designed to give business owners flexible, cost-efficient solutions. For more information about MBA, visit https://www.mbahro.com/.
Attachments
CONTACT: Arun Khosla DecisionHR (727) 823-4000 ext. 4106 arun.khosla@bankersfinancialcorp.com
