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Products June 26, 2009
Towers Perrin Gives Up HR Outsourcing Biz to Hewlett Packard
June 26, 2009 (PLANSPONSOR.com) - Towers Perrin said
it will reconsider how to provide employee benefit
administrative services after selling its minority share of
ExcellerateHRO, a benefits and human resources outsourcing
company, to Hewlett-Packard Co., Business Insurance
reports.
Reported by Rebecca Moore
Towers Perrin and EDS Corp. formed ExcellerateHRO in 2005 after EDS’ purchase of Towers Perrin’s benefits outsourcing unit – Administration Solutions, but Hewlett-Packard acquired EDS last year, also acquiring EDS’ 85% interest in ExcellerateHRO. After being approached by Hewlett-Packard, Towers Perrin this month sold its minority share of the business, according to Business Insurance.
“HP determined it was in its best interest to have exclusive ownership of ExcellerateHRO,” a spokesperson said. ExcellerateHRO serves more than 400 clients worldwide, providing benefits, payroll and other workforce administration services.
James Foreman, a managing director with Towers Perrin in Stamford, Connecticut said possible options for providing benefit administration services going forward include internally developing the capabilities, partnering with a company already in that business, or acquiring the needed capabilities.
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