Human resources management firm ThinkHR is strengthening its payroll footprint with a merger announced Friday (July 12).
In a press release, ThinkHR announced it has reached an agreement to merge with Mammoth HR. Both firms are human resources Software-as-a-Service (SaaS) providers specializing in compliance and training, but the firms pointed to Mammoth HR’s strength in the payroll and human capital management spaces as key additions to the combined company.
ThinkHR, meanwhile, contributes its expertise in the insurance market, the firms noted.
The companies said the combined entity will focus on broadening its service offerings and investing in technology and innovation.
Together, the firms service a combined 350,000 employers in the U.S. through their network of partners in the payroll, insurance, professional employer organization, and human capital management arenas.
Mammoth CEO Nathan Christensen will become CEO of the new company, while ThinkHR CEO Larry Dunivan will become its executive chairman.
“HR’s complexity and importance is increasing as both a pain point and a strategic opportunity for employers,” Christensen said in a statement. “As demand for solutions to address today’s HR challenges accelerates, we have an exciting opportunity to bring together the two market leaders to transform the HR experience for employers.”
Dunivan said that by combining, the businesses “will extend their reach, creating opportunities to innovate further and drive superior customer experiences.”
Financial terms of the merge agreement were not disclosed.
The payroll and human resources management industry has seen several mergers and acquisitions in recent months.
Last year, Asure Software announced the acquisition of USA Payroll just months after reaching an agreement to acquire payroll assets from Wells Fargo via its Evolution HCM, part of the FI’s Business Payroll Services unit.
More recently, FLEETCOR Technologies announced the takeover of SOLE Financial, a payroll solutions firm, in a deal that expands FLEETCOR’s existing digital payroll card operations.