Advantec Acquired by Oasis Outsourcing, Inc.
Advantec HR sold to Oasis
According to several PEO industry sources, the assets of Tampa, Florida based Advantec HR have been acquired by Boca Raton, Florida based, Oasis Outsourcing. Both companies are privately held. No details of the transaction have been released.
Advantec HR has been the marketing presence for a group of companies operating under the entity; Agency Solutions International, Inc which was originally registered with the State of Florida in 1997. Current state records show Charles ” Chuck” Davis as CEO and Dianna Sheppard as President. Advantec gained success throughout the early 2000′s as a Professional Employer Organization pioneering a marketing model that joined forces with insurance agencies and offered equity participation. These partnerships with insurance agencies allowed them to offer PEO services as part of their insurance product suite while protecting their agency commissions. The insurance agency marketing model experienced rapid growth until the hard market for workers compensation insurance struck in 2003. Advantec’s client attrition due to the hard workers comp market was severe and the insurance agency marketing model was abandoned n favor of a direct sales force.Advantec HR PEO Profile
Oasis Outsourcing Makes a Quiet Acquisition
Information about the
type of PEO acquisition has not been disclosed.
Oasis released and internal memo in April 2011 stating:
We are pleased to announce that earlier today a definitive agreement was signed, allowing for a change in ownership of Advantec from the current owners to Oasis Outsourcing. It is expected that this transaction will be completed by May 2011.
This is the largest of the four PEO acquisitions that we have completed in the past four years. These acquisitions, combined with our strong organic growth, position Oasis Outsourcing as the nation’s third largest PEO, serving more than 4,000 clients and 110,000 worksite employees throughout the United States. Even more important than these increases in our counts, we’ll be gaining a team of talented, experienced PEO professionals. Our combined organization will have more than 500 internal employees. This will enable us to continue to invest, innovate and deliver outstanding products and services to the marketplace.
Advantec has provided PEO services to its diverse client base for more than 13 years and offers a wide range of human resources, payroll processing, benefits and risk management solutions to small- and medium-sized businesses throughout the United States. The acquisition includes Advantec’s primary facility in Tampa, FL, which houses its Service Center, including payroll processing, customer service and human resources support personnel. This change in ownership will allow Advantec clients to continue to receive the benefits that they have come to expect, while gaining access to improved services, products, resources and technology tools provided by Oasis.