The deal is expected to close by January 1. Austin Ventures has owned BenefitMall for five years.
The Dallas, Texas-based company offers a range of payroll services: online, advanced, full-service, construction and restaurant payroll. It also markets time and attendance and workers' compensation products and services, and an HR line, HR Focus.
In announcing the deal, Carlyle managing director Jim Burr cited BenefitMall's "significant growth potential." He continued, "through capital investment, an expanded sales force, and Carlyle's industry experience and network, we believe BenefitMall can expand and take significant market share."
Founded in 1979, the current organization was formed when BenefitMall, which calls itself the largest national General Agency, merged with payroll company, CompuPay. BenefitMall also operates HealthCareExchange.com, which provides information about the Patient Protection and Affordable Care Act.Last modified on Tuesday, 19 December 2017