Davis, CA, - Central Valley Fund II ("CVF II") announced today it has exited its investment in Texas-based Resourcing Edge Human Resources ("REI"), an industry-leading HR management solutions provider. REI was sold to the large Midwest based insurer, Assurity Life Insurance Company, based in Lincoln, NE. Terms of the transaction were undisclosed.
CVF II invested $3.65 million of growth capital into REI in late 2013 to finance the company's strong growth trajectory, resulting from the increasing complexity of HR management practices in the United States. CVF II's capital has allowed the company to further expand its product capabilities and scope of operations.
REI has experienced significant and consistent growth, with revenues increasing by more than 50 percent since 2013. This growth is attributable to REI's recognized leadership position in the PEO and ASO market and the high demand for increased organizational efficiencies in the HR management process from small businesses.
"Resourcing Edge is transforming the way companies manage their HR," said Ted Crawford, CEO and founder of Resourcing Edge. "The Central Valley Fund team recognized the tremendous opportunity to provide HR management services for small businesses. With their investment, we expanded our product offering to deliver leading-edge technology that makes the HR management process more efficient, compliant, and a better experience for our customers."
Ted Crawford, further commented, "We're incredibly excited about this new phase of REI's development with the Assurity Life team, who bring a national footprint and great industry reputation for quality products and services. We're growing and scaling to meet the specific HR needs of small businesses in any industry."
According to Jose Blanco, a partner at CVF, "What impressed us most about Resourcing Edge was their strong management team and solid operating performance that cemented the Company's position as an industry leader. Our investment helped accelerate Resourcing Edge's growth and allowed Ted and his team the resources to build the company and capitalize on market opportunities."
About Resourcing Edge
Resourcing Edge, LLC (Resourcing Edge) is headquartered in Rockwall, Texas. The company has offices in Colorado, Arizona, California, Oklahoma, New Jersey, Texas and Georgia, and an extensive team of service professionals that support over 1,500 companies throughout the country.