Core3, Inc. today announced its acquisition of ProfitKeeper Accounting, Inc. (www.profitkeeper.com). Greg Nielsen, CEO and majority shareholder of ProfitKeeper Accounting, Inc., will become President of the combined companies and Chris Creaney will become Chief Operating Officer, with responsibility for delivery of services to all clients. The combined companies have approximately 500 clients across the country.
“We’ve spent several years developing and deploying the leading web-based accounting software platform for retail and franchise businesses,” said Greg Nielsen. “The combination of ProfitKeeper’s patent pending accounting software and Core3’s accounting, payroll, and IT services creates tremendous opportunity for both companies’ employees, clients, and shareholders.”
Outsourcing companies like Core3 historically perform well in recessionary times due to their ability to create efficiencies and lower expenses. Core3 expects to hire as many as 50 people in 2009 through organic growth. The company is currently evaluating additional acquisition opportunities. Financing for the ProfitKeeper acquisition was arranged by Boomerang Capital Partners (www.boomerangcapital.com).
“Core3 and ProfitKeeper are a great marriage and have a combined sales pipeline of over 10,000 potential clients in our already established channels,” stated Gregg Scoresby, Chairman of Core3, Inc. and Founder of Boomerang Capital Partners. “Both companies have demonstrated that they can provide back office and administrative services to their clients for 30% – 50% less than they can do it internally.”
About Core3
Core3 is a professional services company, providing accounting, human resources, and information technology services to small and midsize companies. Core3 uses its outsourcing expertise, process optimization tools and an innovative delivery model to dramatically reduce cost and improve the quality of its clients’ operations.
About ProfitKeeper
ProfitKeeper is the market and technology leader providing financial tools to franchisors, affiliate groups, organizations and its members and franchisees. Its web-based back-office solution gives users a way to simplify accounting chores while providing real-time graphs and reports for tracking and analyzing profitability – tools never-before available to the small business owner.