Payroll and administration platform HR Knowledge has been acquired by The Hibb Group.
This deal marks Hibb’s 40th acquisition since its foundation in 2009, and also marks its 10th of the year.
Founded in 2001, HR Knowledge provides businesses with a range of administrative tools to help complete tasks including payroll, employee benefits, human resources management and benefits brokerage and administration. Its payroll offering includes a virtual system which can take care of processing tasks and produce online reports.
Hibb Group is an insurance agency which is headquartered in Virginia. The firm is growing its business through the acquisitions within the middle market insurance brokerage space.
THG CEO Ricky Spiro said, “HRK’s unique business model in the employee benefits space and tremendous track record of growth will complement and help expand our benefits operation across our organization.”
Following the transaction, HR Knowledge’s team will still work from its existing location in Massachusetts.
Last month HR, benefits and compliance platform Flock netted a $3.5m Series A funding round, as the company looks to increase its market expansion efforts. The same month also saw payroll support solution CoAdvantage was acquired by Progressive Employer Management Company.
The HR and payroll sector has seen the most interest within the European market, with it seeing more than half of the total capital. The sector saw $216m invested last year, with the US market close behind with $157m invested.
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