CheckPoint HR, an Edison, N.J.-based provider of outsourced administrative services for mid-sized organizations, has raised $7.6 million from Edison Venture Fund. Some of the proceeds will be used to provide shareholder liquidity.
CheckPoint HR, an innovator and leading Administrative Service Organization (ASO) that offers mid-size organizations an integrated Human Resource Management System (HRMS) for payroll services, human resources, and benefits administration, today announced it has secured a $7.6 million investment from Edison Venture Fund. The proceeds of the investment will be used to expand sales, marketing, development and services plus provide shareholder liquidity.
“CheckPoint HR looks forward to collaborating with Edison Venture Fund on our aggressive growth and expansion plan,” said Tim Padva, CEO, CheckPoint HR. “Our Web-based, integrated HRMS technology platform combined with our group health insurance services through the Wilshire Group, offers companies an innovative alternative to the standard payroll service and will assist them in centralizing their vital business functions. With this investment, CheckPoint HR will continue to lead the payroll/HR industry in streamlining and automating all aspects of the employee and HR lifecycle.”
Joe Allegra, General Partner, and Edison Director Network member, Jim Foster, joined CheckPoint HR's Board of Directors. Foster was COO of another Edison Venture success, Best Software. Chris Sugden, General Partner at Edison Venture worked with management to structure the investment in CheckPoint HR. Edison Ventures' Tom Vander Schaaff, VP Analysis, conducted due diligence on the investment.
“The market for Web-based payroll/HR services is growing and CheckPoint HR and its management and operational team have the expertise and the business model in place to lead the industry,” said Chris Sugden, General Partner, Edison Venture Fund.
About CheckPoint HR
Since 2001, CheckPoint HR, based in
to its employees, reduce costs, and improve operational efficiencies. Clients include such names as The American Stock Exchange (AMEX), The Applied Companies, Croda, Inc., Flemington Family of Dealerships, Hamon
Established in 1986,
Edison's investment professionals are based in