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ITEC acquires SourceOne Group

Nov 14, 2001 12:00 AM

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Imaging Technologies Corporation (San Diego) has acquired SourceOne Group, Inc., a Virginia-based professional employer organization (PEO).

SourceOne, a regional PEO, provides small to medium-sized businesses with payroll and human resource services. The company typically takes additional responsibility for providing health and workers’ compensation insurance and other benefits programs.

For the six months ended September 30, 2001, SourceOne had revenues of approximately $25 million. SourceOne will be operated as a wholly-owned subsidiary of ITEC.

"This acquisition is an important step in our business plan to focus on office products, systems, and services," said Brian Bonar, CEO of ITEC.

"We have improved our financial performance this year due to the success of our office products and systems business," added Bonar. "The addition of SourceOne will launch our initial entry into the personnel management business. We expect to add value to these services with our expertise in document and color management."

According to Bonar, to grow the company more rapidly, ITEC has identified an opportunity to serve its target markets (small to medium sized businesses) by providing certain administrative services.