PrestigePEO Expands Southeast Presence with Acquisition of Teamwork Services
TL;DR
PrestigePEO's acquisition of Teamwork Services expands market reach and strengthens competitive advantage in the Southeastern United States.
The acquisition allows PrestigePEO to offer high-quality employee benefits, compliance solutions, and HR support to SMBs in the Southeast.
The partnership between PrestigePEO and Teamwork Services will empower small and medium-sized businesses with the tools they need to succeed and grow.
Teamwork Services, Inc., founded in 1989, specializes in payroll management, HR consulting, and risk management, emphasizing trust and reliable expertise.
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In a move that could significantly impact the Professional Employer Organization (PEO) landscape, New York-based PrestigePEO has acquired Teamwork Services, Inc., a Georgia-headquartered PEO. The acquisition, finalized on October 25, 2024, signals PrestigePEO's strategic expansion into the Southeastern United States market.
This business maneuver is poised to bring Fortune 500-level employee benefits, compliance and risk management solutions, and extensive HR support to a broader network of small and medium-sized businesses (SMBs) in the region. The merger combines PrestigePEO's innovative approach with Teamwork Services' established presence, potentially creating a more robust service offering for clients.
Andy Lubash, CEO of PrestigePEO, emphasized the acquisition's potential to enhance service delivery and expand market reach. This expansion could prove crucial for SMBs in the Southeast, providing them with access to resources typically reserved for larger corporations, thus leveling the playing field in talent acquisition and retention.
The acquisition also represents a consolidation trend in the PEO industry, which could lead to more comprehensive and sophisticated HR solutions for businesses. As companies continue to navigate complex regulatory environments and competitive labor markets, the role of PEOs in providing strategic HR support becomes increasingly vital.
For the benefits broker community, this merger may present new opportunities and challenges. The expanded service offerings and geographical reach could provide brokers with a more diverse portfolio to offer clients. However, it may also intensify competition in the region's PEO market.
As businesses continue to adapt to evolving workplace norms and regulations, the PrestigePEO-Teamwork Services merger exemplifies the PEO industry's response to growing demand for comprehensive HR solutions. This acquisition may serve as a bellwether for further consolidation in the industry, potentially reshaping how SMBs access and utilize professional employer services in the coming years.
Curated from News Direct
