H&R Block has announced the acquisition of 44% of MyBenefitSource Inc., an Atlanta-based payroll, benefit, enrollment and administrative services firm. The terms of the acquisition include an option on acquiring the remaining shares of the firm.
The acquisition of MyBenefitSource will enable H&R Block and its parent company, RSM McGladrey, to provide clients with a payroll and benefit administration outsourcing option.
"The addition of MyBenefitSource is one of several significant steps we've announced recently to strengthen our position as the leading, full-service business consulting firm serving mid-size companies," said Tom Rotherham, RSM McGladrey chief executive officer.
MyBenefitSource serves hundreds of clients nationwide and provides solutions that are scalable to any size company. According to Edward Cain, MyBenefitSource chief executive officer, the human resources outsourcing market is expected to nearly triple in the next four years.