One Mind Connect Inc., an Irvine-based maker of software that sells its products under the brand name Expensable, was scooped up by Houston-based Administaff Inc. for undisclosed terms.
Expensable’s Internet-based software automates the process of expense reimbursement for companies. It also crunches data and produces reports to help companies track their spending.
“The idea is to be able to capture the spending trends of companies and generate some reports that allow business to make more intelligent decisions about how those dollars are being spent,” Chief Executive John Tangredi said.
Publicly traded Administaff, which sees some $1.7 billion in yearly sales, provides outsourced human resources services to small and midsize businesses.
Expensable, which has 18 workers here, is set to operate as a subsidiary run by Tangredi.
Having Administaff as a parent helped solve a problem for Expensable, which was looking to expand its sales force.
“One of our problems was distribution,” Tangredi said. “If I had gone out and looked for the perfect partner, it would have been Administaff. Our customer base aligns extremely well. Their distribution channel is ideal for us to market the Expensable solution.”
Expensable was started in 1996 and is backed by investors Innovate Partners Inc. of Irvine, South Dakota’s Bluestem Capital Co. and Chicago-based private equity group Edgewater Funds.
The closely held company doesn’t disclose how much it has raised or any revenue details.
Its customers include Trend Micro Inc. and Playboy Enterprises Inc., among some 5,000 others.
Tangredi hails from Alteer Corp., an Irvine-based software maker that was acquired by Florida’s American Healthcare Holdings Inc. in 2008.
Alteer’s software helped small doctor’s offices convert to electronic records.
