05 October 2004
HCSS Announces Acquisition of The Selven Group of Companies
(London, UK - 24th September 2004) - Human Capital Support Services (HCSS), has
completed the purchase of the Selven Group of companies, with the assistance of the Oxford
Corporate Finance Office of the Bank of Scotland.
The group comprises of Selven Group , the UK's leading SME payroll and HR software
company and HeadCount Payroll Services , a specialist payroll bureau servicing the upper
end of the SME bureau market.
This key acquisition, which sees HCSS Group grow four-fold, builds on the purchase in
February this year of payroll business, Company Management Limited, which meets the
needs of the smaller end of the SME market. Through effective client services development,
Selven combines a comprehensive HR, Payroll and Time & Attendance software system on
one database. Not only does Selven provide services within the SME space to complement
the existing activities of the group but it has also created such a rich functionality that the
company is winning contracts against such established giants as SAP and PeopleSoft. Earlier
this year, HCSS also recruited a specialised team to form a dedicated HR consultancy division
who will now have the full suite of Selven HR products and services at their disposal.
Nick Parker, Chief Executive of HCSS says: "The acquisition of the Selven group, combining
the sector's most advanced technology developments with a strong and rapidly growing
payroll presence, represents a continuation of our strategy to build a class-leading human
capital support services group. It is our intention to complete one further acquisition this
year to strengthen our strategic position to deliver the most comprehensive fully managed
service for companies who want to outsource all aspects of the payroll function. Selven's
technical expertise and service offering will be further expanded and strengthened through
its effective integration as a member of the HCSS group, resulting in optimum services for
our clients on highly competitive terms."
Mr Parker adds: "We are poised to lead the entire payroll industry in the UK by offering more
extensive and higher value-added services to our clients. We will achieve this through further
acquisition and organic growth and more particularly through understanding and anticipating
each individual client's changing requirements. Our acquisition of the Selven group of
companies, with its combination of state of the art technology and a highly skilled team,
provides the ideal platform from which HCSS can achieve the dynamic growth it is seeking."
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