metro
06-13-2007, 11:56 AM
Virgo Capital acquires OKC’s Accord Human Resources
Pamela Grady
6/13/2007
Virgo Capital announced today it has acquired Oklahoma City’s Accord Human Resources. Based in Austin, Texas, and Oklahoma City, Virgo Capital is a private equity firm dedicated to the technology-enabled services market.
John Gifford, communications manager for Accord Human Resources, said the company plans to continue to focus on their existing market for the time being.
“We’re excited about this partnership. We’ve got about 70 employees here at our corporate office,” Gifford said. “There's going to be no changes as far as infrastructure or day-to-day activities. The main change that we expect is just infusion of additional capital which will allow us to enhance our product service line and ramp up our technology to better serve our clients and potential clients.”
McClendon Venture Company and Records Private Equity participated in the transaction, along with Virgo Capital and Accord Human Resources’ senior management.
“Our acquisition of Accord fits squarely within Virgo Capital’s strategy of investing in companies with established management teams and proven products and services,” Hemanth Parasuram, Virgo Capital managing director, said in a statement. “Accord boasts superior customer retention and offers a compelling value proposition for customers. The company’s size and reputation make it an ideal platform in a market where we have identified significant growth opportunities with the right capital commitment.”
Both Records Private Equity and McClendon Venture Company are Special Limited Partners in Virgo Capital Fund I. Senior debt financing for the transaction was provided by Fifth Third Bank, headquartered in Cincinnati, Ohio. Financial terms of the transaction were not disclosed.
Accord Human Resources is a leading provider of outsourced human resource management solutions, also known as a Professional Employer Organization. Currently, Accord serves more than 700 clients in 44 states, and has been listed among the top 10 privately held PEOs in the United States. Accord has been listed four times in Inc. 500 as one of America’s fastest growing companies since it was founded in 1992.
Pamela Grady
6/13/2007
Virgo Capital announced today it has acquired Oklahoma City’s Accord Human Resources. Based in Austin, Texas, and Oklahoma City, Virgo Capital is a private equity firm dedicated to the technology-enabled services market.
John Gifford, communications manager for Accord Human Resources, said the company plans to continue to focus on their existing market for the time being.
“We’re excited about this partnership. We’ve got about 70 employees here at our corporate office,” Gifford said. “There's going to be no changes as far as infrastructure or day-to-day activities. The main change that we expect is just infusion of additional capital which will allow us to enhance our product service line and ramp up our technology to better serve our clients and potential clients.”
McClendon Venture Company and Records Private Equity participated in the transaction, along with Virgo Capital and Accord Human Resources’ senior management.
“Our acquisition of Accord fits squarely within Virgo Capital’s strategy of investing in companies with established management teams and proven products and services,” Hemanth Parasuram, Virgo Capital managing director, said in a statement. “Accord boasts superior customer retention and offers a compelling value proposition for customers. The company’s size and reputation make it an ideal platform in a market where we have identified significant growth opportunities with the right capital commitment.”
Both Records Private Equity and McClendon Venture Company are Special Limited Partners in Virgo Capital Fund I. Senior debt financing for the transaction was provided by Fifth Third Bank, headquartered in Cincinnati, Ohio. Financial terms of the transaction were not disclosed.
Accord Human Resources is a leading provider of outsourced human resource management solutions, also known as a Professional Employer Organization. Currently, Accord serves more than 700 clients in 44 states, and has been listed among the top 10 privately held PEOs in the United States. Accord has been listed four times in Inc. 500 as one of America’s fastest growing companies since it was founded in 1992.