ATLANTA (September 28, 2001) - MyBenefitSource, a leading provider of integrated payroll and employee benefits administration services, today announced it has received an additional $2.85 million in private funding. This brings the total private funding to nearly $9 million over the past 14 months.
In August, MyBenefitSource (MBS) received $1.5 million in advance commissions from Cincinnati-based Union Central Life Insurance Co., a strategic partner with MBS. Then, in September, the company received an additional $1.35 million in a private placement offering.
"We are unique in our industry to share the confidence and vision of our private investment and strategic partners," said Ed Cain, CEO of MBS. "This is a solid testament to the success our company has earned and a foreshadowing of the possibilities our solutions and customer service will enable in the future."
This most recent stretch of funding was in addition to the $7.5 million MBS had previously secured through its strategic partnership with AEGON USA, Habif, Arogeti & Wynne, LLP (Georgia''s largest privately held CPA firm), and Molton, Allen & Williams, a large Birmingham, Ala.-based property and casualty firm.
"This additional funding will ensure MBS''s financial strength well into the next year and beyond," said David Fiacco, president of MBS. "This accelerates our financial plan, giving us the opportunity to meet our goals sooner. Our customers, prospects and shareholders overwhelmingly find our delivery mechanism provides value beyond that of traditional payroll companies."
MBS plans to use both rounds of funding to continue expanding its client base and product offering. Currently, MBS is growing at a rate of approximately 30 percent per quarter, based on an average of revenue and number of serviced employees.
The value base of the company is its SingleSourceTechnologySM, which allows clients to experience significant savings with the automation of manual processes such as payroll, payroll tax filing, time & attendance, benefit enrollment, benefit administration, and benefit invoice reconciliation. In addition, MBS is a licensed broker that provides a one-stop benefit consulting service for its clients who have a choice of more than 100 of the nation''s best insurance, financial and other related products.
About MyBenefitSource (MBS)
MyBenefitSource (MBS) delivers a wide range of payroll, benefit, enrollment, brokerage and related administrative services for employers by integrating its Web-based SingleSourceTechnology with innovative products and personalized customer care. For more information, please visit www.mybenefitsource.com.
Contact:
Matt Wright/Brian Rubenstein
Duffey Communications
404/266-2600
mattw[at]duffey.com
brianr[at]duffey.com
PJ Cannon, Vice President of Marketing
MyBenefitSource
770-409-7936
pjcannon[at]mybenefitsource.com