DecisionHR Acquires Modern Business Associates, Inc., Forming One of the Five Largest Privately Held PEOs in the US
DecisionHR, a nationwide full-service professional employer organization (PEO), announced its strategic acquisition of Modern Business Associates, Inc. (MBA), combining the resources of two Tampa Bay-area leaders in the human resources solutions marketplace.
The combination of the two companies, which becomes effective on January 1st, 2022, will create one of the five largest privately held PEOs in the United States with more than 50 years of collective experience.
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Servicing to clients of both companies will remain seamless and there are no immediate plans for day to day changes in operations for either DecisionHR or Modern Business Associates.
“We have been actively looking for a strategic partner to continue to build our company and provide additional expertise in the PEO marketplace,” said Peter Newman, President of DecisionHR. “We view this as a coming together of two PEO leaders who have their roots in St. Petersburg and can now offer an even wider array of services to clients nationwide.”
“We have been actively engaged in identifying a strategic partner and DecisionHR is a natural fit,” said Sean McConnell, Chief Executive Officer of Modern Business Associates, Inc. “We are excited about the combination with DecisionHR. They share our company values through their family culture, commitment to social responsibility, and focus on the user experience.”
Newman will become Chief Executive Officer of the combined entity and McConnell will remain CEO of MBA.
Silva Capital Solutions, Inc. served as strategic adviser for DecisionHR on the transaction and Dowling Hales served as strategic adviser for MBA.