CompuPay is moving into the human resources arena by merging with employee benefits services provider BenefitMall.
The combined company name will be BenefitMall, while CompuPay will be known as CompuPay, a BenefitMall Company.
The company will offer complete health insurance, benefits, payroll, and related products and services to small-to-midsize businesses and their employees throughout the United States. The transaction closed on May 1, 2012, and financial terms were not disclosed.
BenefitMall has 32 offices in 11 states serving a network of more than 20,000 brokers nationwide. CompuPay has 23 offices in 14 states serving customers in all 50 states. In total, the company is expected to serve a growing national client base of more than 160,000 businesses with over 2.7 million employees.
BenefitMall chief executive Bernard DiFiore will be the CEO of the new company, which CompuPay CEO Charles Lathrop will be the president and chief revenue officer, with both DiFiore and Lathrop joining the board of director.
“The combination of CompuPay’s referral-selling model for payroll and BenefitMall’s extensive broker network presents very exciting opportunities for growth,” said Lathrop. “As trusted advisors to their clients, brokers are uniquely positioned to introduce multiple value-added products and services. CompuPay’s full-service payroll capabilities and dedication to extreme customer service will be ideal complements to employee benefit plan offerings.”
