Mangrove Acquisition Spreads a little Sunshine in the Snowy Midwest
When the snow finally melts, suburban Chicago will see a new sign on a 13-year-old fixture
TAMPA, Fla., Feb. 8, 2011 /PRNewswire/ -- Mangrove Employer Services (www.emangrove.com) announces the acquisition of CHC COBRAsource, Inc. to join their corporate family. Established 13 years ago by John Blaida, an insurance executive who was open to alternative opportunities, CHC COBRAsource, Inc. is a premier provider of HR benefit administration for COBRA, FSAs, HSAs, and QTEs for company employees. While CHC COBRAsource is a full service benefit administration company, it is regarded nationally as a COBRA specialist.
"We were looking to buy a company that specializes in providing COBRA services," says Rich Cangemi, CEO at Mangrove. "CHC COBRAsource Inc. was the best fit for us (because) it caters to mid-market companies, is well-regarded within the industry, and most importantly, its considerable volume of clients presented an opportunity for us to cross-sell our other HR services." This acquisition was also one of intellectual property; it will give Mangrove the proprietary COBRA administration platform mycobrasource.com. Mangrove also hopes to capitalize on COBRAsource's great broker relationships in that area of the country. This marks the fourth national office for the Tampa-based company, who is pleased to expand their footprint to this area of the country.
About Mangrove
Founded in 1994, Mangrove is a leading provider of Payroll, Human Resource Management and Benefits Administration software and services that are designed for Workforce Empowerment™ for mid-market clients. Headquartered in Tampa, Florida, Mangrove hosts and provides services including payroll/ HRMS and Benefits Administration to clients of all sizes spanning all industries. Read more about Mangrove online at www.eMangrove.com.
SOURCE Mangrove Employer Services
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