Gevity Acquires Teamstaff HR Outsource Client Portfolio

Gevity (Nasdaq: GVHR), a provider of outsourced human capital management solutions and TeamStaff, Inc, (Nasdaq: TSTF), a business outsourcing provider and the second largest U.S. based allied healthcare staffing service, yesterday jointly announced that Gevity has acquired TeamStaff's Human Resource Outsourcing client portfolio and other assets for $9.5 million in cash, of which $2.5 million will be placed in escrow. Final settlement is contingent on achieving a certain level of retention of the former TeamStaff clients. Gevity Chairman and CEO Erik Vonk and TeamStaff CEO T. Kent S...