The company intends to use the proceeds from the financing to broaden the suite of offerings and deliver SaaS technology for employers and business partners.
Founded in 1986, Infinisource is a provider of Payroll, COBRA Administration, Flexible Spending Accounts, Health Savings Accounts, Health Reimbursement Arrangements, Direct Billing, Premium Only Plans, HIPAA Privacy and Security solutions, an online eligibility and enrollment solution, Infinisolved® and HR solutions to 17,000 employer clients.
In conjunction with the transaction, Gary Hart will continue as President of the company and Gary Trainor will become CEO.
Mr. Trainor brings 30 years of industry and management experience, including 17 years at ADP and 10 years as Division President at First Data.
The company also has offices in Dayton, OH and Bradenton, FL.