GEX Management Executes Additional Acquisition of Key California Business
DALLAS, Aug. 6, 2018 /PRNewswire/ -- GEX Management, Inc. (OTCQB: GXXM), a management and professional services company, announced today that following its initial purchase of Membership Interest in California-based Payroll Express, it has purchased an additional 26% of the company resulting in 51% ownership. The purchase price for this transaction consisted of cash, in addition to warrants.
Payroll Express is a Santa Clara, CA based professional services firm that provides a wide array of back office and managed services related to medical staffing needs for its healthcare clients that includes clinical practices and Ambulatory Surgery Centers (ASCs). The firm reported approximately $22 million in gross billing in 2017 and is projecting significant growth in 2018 fueled by a robust contract pipeline, aggressive marketing, and positive global economic conditions.
Chief Financial Officer Dario Saintus stated, "This acquisition is purposeful and well-timed in the context of our fiscal growth. The transaction is a substantive aspect of our larger and long-term plan."
President Chelsea Christopherson stated, "Our initial 25% purchase Payroll Express represented a meaningful milestone for GEX Management. This subsequent purchase continues our momentum. Payroll Express will flourish within our distinct business ecosystem."
About GEX Management
GEX Management, Inc. Is a licensed Professional Employer Organization (PEO) and a Professional Services Company providing comprehensive back office services to clients in a variety of industries. GEX Management services include HR, Payroll, Risk & Compliance, and Executive Consulting, and provides progressive and complete solutions for employee management and operational needs. http://www.gexmanagement.com
Information on Forward Looking Statements
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SOURCE GEX Management, Inc.
Company Codes: OTC-PINK:GXXM, OTC-QB:GXXM