Acquisition of Vensure Employer Services, Inc.
On November 4, 2009, Fund.com announced its purchase of an equity interest in Mesa, AZ.-based Vensure Employer Services, Inc., a professional employer organization that provides benefits and payroll administration, health and workers' compensation insurance programs, employee training and development services, and retirement benefits plans, such as 401k's, for small and medium businesses. The equity is represented by $21.9 million of participating preferred stock of Vensure.
Vensure provides services to small and medium-sized businesses, including benefits and payroll administration, health and workers’ compensation insurance programs, personnel records management, employer liability management, employee recruiting and selection, employee performance management, employee training and development services and retirement obligations. Regarding retirement obligations, Vensure’s business operations include a retirement services product line that offers a variety of options to clients like 401(k) plans, 401(k) plans with safe harbor provisions, profit sharing, and money purchase plans. Vensure directly employs, or acts as co-employer for, approximately 4,000 employees; it has approximately 269 business clients.
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