MAITLAND, Fla., Jan. 21, 2011 (GLOBE NEWSWIRE) -- Workstream (OTCBB:WSTM), a leading provider of human capital management software and services, announced today that it has acquired Incentives Advisors, LLC of Phoenix, Arizona. This combination adds solutions for obtaining hiring tax credits, training grants and other incentives to the Workstream offering. Incentives Advisors specializes in managing the process of procuring employment-related tax credits and incentives for employers.
In announcing the acquisition, John Long, CEO of Workstream, noted: "Incentives Advisors is a growing company with the most advanced technology available to manage tax credits and incentives programs for employers. Adding the Incentives Advisors service to Workstream is an exciting step in our plans to make Workstream a premier supplier of software solutions and essential services for human resource managers."
William Becker and Shaung Liu, co-founders of Incentives Advisors, will remain with the company and continue to drive its growth. The business will continue to be based in Phoenix. Commenting on the combination with Workstream, Becker stated: "We believe in the strategy of Workstream and embrace the opportunity to join forces with this exciting company to offer a wider set of tools and solutions. It is a case of bringing added value to employers as we grow together."Long added: "We have a shared vision with the Incentives Advisors management team and staff. Today, HR departments are lean and seek to have relationships with select vendors that deliver meaningful solutions to help meet their goals. This is often a mixture of technology solutions and critical services." Commenting on the market opportunity, Becker said, "Each year, billions of dollars in Federal and state tax credits and incentives are available to qualifying employers. The process to apply for and claim these credits is complex and time-consuming. Incentives Advisors automates and simplifies the process of obtaining credits and incentives for employers using proprietary technology that is fast and easy to implement. For some companies that pursue these tax credits, it represents millions of dollars in benefits and has a meaningful impact on financial results. Importantly, the programs help certain groups of people gain employment and receive training that otherwise might not have been available. Both employers and employees win."