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.
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 Expensable’s Chief Executive John Tangredi.
Having Administaff as a parent helped solve a problem for Expensable, which was looking to expand its sales force.
Expensable was started in 1996 and was 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.
—Sarah Tolkoff
