Gevity Acquires TeamStaff's HR Outsourcing Portfolio

November 17, 2003 ( - Outsourced human capital management solutions provider Gevity has acquired TeamStaff's Human Resource Outsourcing client portfolio.

The acquired TeamStaff portfolio is comprised of more than 1,500 clients with approximately 16,000 worksite employees with concentrations in New Jersey, Massachusetts, Texas, Georgia and Florida.  The acquisition, a $9.5 million cash deal, is contingent on achieving a certain level of retention of the former TeamStaff clients, according to a news release.

Gevity will be able to expand upon its services that currently include consulting services provided by AIG Advisor Group and Transamerica Retirement Solutions (See  Gevity Brings Additional Services to 401(k) Clients ).

More information can be found at the Gevity Web site .