GVHR » Topics » Acquisition of HRAmerica, Inc.

These excerpts taken from the GVHR 10-K filed Mar 17, 2008.

Acquisition of HRAmerica, Inc.

        As discussed in "Business-General", the Company acquired certain assets, including the client portfolio, of HRA a human resource outsourcing firm that offered fundamental employee administration solutions including payroll processing to its clients. The acquisition provided the Company with technology and processes to enhance its non co-employment model. The purchase price for the acquired assets was approximately $10.9 million (including direct acquisition costs of approximately $0.7 million), which the Company paid in cash from its revolving credit facility. Of this amount, $1.4 million is being held in an escrow account and is included in short-term marketable securities—restricted at December 31, 2007. The amounts held in escrow represent purchase price contingencies related to potential earn outs and the achievement of certain client retention percentages up through the first anniversary date of the acquisition. Unearned escrow amounts, if any, will be returned to the Company. The Company does not believe that any purchase price contingency amounts will be paid out to the former owners of HRA.

Acquisition of HRAmerica, Inc.





        As discussed in "Business-General", the Company acquired certain assets, including the client portfolio, of HRA a human resource outsourcing firm that offered
fundamental employee administration solutions including payroll processing to its clients. The acquisition provided the Company with technology and processes to enhance its non
co-employment model. The purchase price for the acquired assets was approximately $10.9 million (including direct acquisition costs of approximately $0.7 million), which the
Company paid in cash from its revolving credit facility. Of this amount, $1.4 million is being held in an escrow account and is included in short-term marketable
securities—restricted at December 31, 2007. The amounts held in escrow represent purchase price contingencies related to potential earn outs and the achievement of certain client
retention percentages up through the first anniversary date of the acquisition. Unearned escrow amounts, if any, will be returned to the Company. The Company does not believe that any purchase price
contingency amounts will be paid out to the former owners of HRA.





EXCERPTS ON THIS PAGE:

10-K (2 sections)
Mar 17, 2008

RELATED TOPICS for GVHR:

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