Acquisition International - M & A Awards 2022 19 Best Compliance Software Acquisition 2022: SyncStream / OnCentive We live in a digital world, where every aspect of our lives is becoming ever-more digitized. The same is true for the world of business, and companies of all sizes are looking to ‘level up’ their operations through tech consultancy. If you’re a business leader, you may be looking to strategically incorporate software-focused entities to capitalize on market share that may otherwise be slightly out of reach. That’s exactly what happened with SyncStream and OnCentive, as we take a closer look. Oct22573 he M&A industry is an often overlooked but incredibly crucial aspect of the multi-faceted, incredibly complex global business landscape. After all, businesses need to grow, they need to capitalize on opportunities, and patch resources to maintain a leading position in their respective industries. As the US’s leading profitability and compliance consulting firm, OnCentive required the expertise of a software firm that led the pack when it came to Affordable Care Act (ACA) reporting and compliance. That’s putting it, perhaps, too simply. Here, CEO of OnCentive Shannon Scott offers more insight into the specifics of the acquisition, utilizing the entire leadership team’s over 150 years’ experience. “OnCentive helps businesses maximize government incentives and tax credits through leveraging their state-of-the-art custom technology. OnCentive has helped our clients capture over $3 billion in government incentives & recovery programs, like the Covid-19 Employee Retention Credit (ERC), the Work Opportunity Tax Credit (WOTC), Research and Development (R&D) Tax Credit, Disaster Employee Retention Credit, and many others.” “On the other side, SyncStream Solutions was one of the first software companies to simplify ACA and EEO-1 reporting requirements. SyncStream helps employers tackle the complex landscape of healthcare and employment reporting compliance and remains the industry-leader in expert customer care. Together, OnCentive and SyncStream works with clients of all sizes and all industries including staffing, retail, hospitality, services and more.” The crux of the acquisition relied on incorporating the latter’s compliance toolsets into OnCentive’s already comprehensive portfolio to “further increase clients’ profitability by increasing their government compliance and mitigating their financial risk. Through this powerful combination of technology and expertise, we enable organizations of all sizes to effectively seize opportunities and remove barriers to business growth,” Shannon adds. As CEO and one of the fundamental people within OnCentive’s senior leadership team, Shannon understands more than most that large acquisitions truly do rely on effective management, a keen eye when it comes to areas of improvement, and thorough considerations. However, the team a CEO surrounds themselves with is also of crucial importance. A good leader understands when T to take the lead, and when to step to the side. “One piece of advice I can give is to hire a team of smart people and let them do their job. As a CEO, you cannot do everything yourself, nor should you. By empowering your team to take ownership and make decisions, your company will grow. Another important thing to note during an acquisition is don’t make any changes for the first 90 days. Learn about the company, the employees, and the processes. Then you will be able to see what is working and what needs to be improved to make informed decisions.” Perhaps most impressive is OnCentive’s history of acquisitions, especially over the last couple of years. This is not the first deal it has made, and it certainly will not be the last, as Shannon concludes. “We have acquired and launched additional companies this year to build out a complimentary suite of HR technology brands that focus on profitability and compliance. The suite of brands includes tax credits and business incentives, ACA compliance, unemployment claims management, and I-9 verification. We are constantly looking for new solutions to fill gaps in the profitability and compliance space. In early 2023, we will have an exciting announcement that will unify these technologies for businesses of all sizes in all industries.” The future of OnCentive & SyncStream is truly one of enduring, organic growth as they unite to deliver a unique expertise on a market that sorely needs experts to guide the way. Company: OnCentive & SyncStream Name: Shannon Scott Email: sscott@oncentive.com Web Address: www.oncentive.com | www.sync-stream.com Address: 2127 1st Ave N, Birmingham, AL 35203 Telephone: 855-566-0829
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