New York-based Corporate Resource Services Inc. announced Thursday that it has completed negotiations to purchase the Summit Software division of Tri-Tel Communications Inc.
Summit Software, founded in 1982 and based in North Little Rock, provides software applications for the professional employer organization and staffing industries, including the Summit APEX payroll processing system. Corporate Resource Services is a recruiting and staffing agency that operates 205 staffing and on-site facilities in 37 states and the District of Columbia.
The deal is expected to close “once the customary approval requirements and closing conditions have been met,” Corporate Resource Services said in a statement.
"With the acquisition of Summit Software, we are taking an important step in executing Corporate Resource Services' strategic plan," Corporate Resource Services Chief Executive Officer John Messina said in a statement. "Summit is one of the premier software companies focused on the PEO industry. Professional employer organizations (PEOs) enable clients to cost-effectively outsource the management of human resources, employee benefits, payroll and workers' compensation. With healthy profit margins and excellent opportunities for growth, Summit's technology touches millions of people through more than 270 PEO and other clients and their base of customers. While maintaining the privacy of those customers and all of their respective employees, we believe that we can partner with our clients to transform Summit's application into a predictable marketing channel and create another revenue stream."
Summit Software President Sean Flanagan said of the acquisition: "I am excited about CRS' strategic vision and the role Summit will play in its execution. We have begun our development efforts to refine the software and its demographic criteria as well as create the technology to send and track offers from our marketing partners. We are confident that we can have a working prototype of this system in the first half of 2013."
Summit Software is located at 9307 Maumelle Blvd. in North Little Rock.