Infinisource is a leading provider of fully-integrated, SaaS-based, cloud-resident Human Capital Management (HCM) solutions for small to medium-sized employers that are looking for a better way to manage and optimize a workforce. Their offerings include everything an employer needs—including payroll, human resources, benefits administration, time management, talent management and compliance—accessible from one login, anywhere and anytime.
Sound like an employer’s dream? Well, it is for many.
Infinisource was initially formed as COBRA Compliance Systems, Inc. in Coldwater, Mich., to handle health insurance COBRA benefits under the newly passed COBRA legislation in 1986.
Throughout the years, it has grown steadily, enhanced by several strategic acquisitions to supplement and enhance its offerings—COBRA Compliance of Indianapolis, Ind.; Aurora Administrative Solutions of Dayton, Ohio; Priority Pay of Laguna Hills, Calif.; Full Circle Payroll of Palmetto, Fla.; ABCO Payroll Services of Bradenton, Fla.—and acquired the new name in the process.
Headquartered in Ballantyne, Infinisource has been in business for over 27 years now with operations all over the country, serving over 63,000 small and midsize customers worldwide including some high-profile clients such as the San Francisco Giants, Washington Redskins and several of the Inc. 500 fastest growing companies in the country.
Its powerful presence in Charlotte is due to the amazing vision of inspired entrepreneur and investor Gary Trainor, its CEO. He is on a mission to create the most trusted provider of human capital management solutions by supplying industry-leading technology and expertise that empowers people and companies to do their best work.
The American dream of business ownership is oftentimes for people just that—a dream. But for Trainor, it’s the culmination of a lifelong pursuit with corporate America his training ground.
Trainor was born in Belleville, New Jersey. After graduating with honors with a B.A. in business administration from Rutgers and obtaining an M.B.A. in business from Fairleigh Dickinson University, he began what would be a 17-year stint with automatic data processing firm ADP in Roseland, N.J.
At ADP, Trainor served on the executive committee and was division president for two of the company’s largest business units. However he’s most renowned for launching the EasyPay system, a widely distributed payroll product.
Following ADP, from 1992 through 2005, he served as president of business management services firm CMS, Inc. in Winston-Salem, and then as division president at electronic commerce and payment services giant First Data.
But Trainor had a vision of his own. He has an entrepreneurial drive he attributes to his father, who started as a sweeper in a leather finishing factory and ended his career as president and general manager of the same company. He wanted to create an entity that would combine the best of the best into a full-service solution to serve the human capital management needs of small and medium-sized businesses.
In 2008, he joined leading private equity firm Accel-KKR as an operational advisor. Accel-KKR, a partnership between venture capital firm Accel Partners and leveraged buyout firm Kohlberg Kravis Roberts, is a firm focused on control investments in software and technology-enabled services companies.
Having had over three decades of experience at both ends of the human capital management equation, Trainor was ready to head up his own growth venture.
“I wanted to build a company that cuts out the cost and complexity of being an employer,” says Trainor. “I wanted to change how small to medium size companies, those with 20 to 2,500 employees, manage their workforce by providing a total workforce management solution.”
He felt his years of experience gave him great insight into the strengths and weaknesses of the market and that, by focusing on the human resource needs of organizations, he could build a company that targets all the ‘must haves’ in HR—payroll processing, tax and regulatory compliance, benefits administration, scheduling, human resources management and time and attendance systems.
Trainor’s search for the best workforce management software to offer this underserved market led to Infinisource, a leading provider of integrated benefits and compliance solutions for small and mid-size companies, known for great service and expertise in compliance law. At the time, Infinisource had over 4,000 broker relationships, 17,000 employer clients and 1.3 million “lives” on its system.
Fortunately, Trainor had a partner with capital who believed in his vision, and so in September 2011 Accel-KKR acquired a majority equity interest in Infinisource. Trainor was appointed CEO and the former head Gary Hart was retained as president of benefits administration. The investment proceeds would fund the company’s continued growth, broaden its suite of offerings, and deliver SaaS technology for employers and business partners.
Trainor had no sooner identified Infinisource as a necessary part of his vision, than he set to work surveying the workforce management landscape for the best technology available in the industry. That had drawn his eye to America OnShore, Inc.
Trainor had determined that America OnShore, a leading provider of human capital management technology for small and mid-size companies, would provide Infinisource the most leading-edge, cloud-based technology on a single platform to manage the information lifecycle of an employee.
“Not only did we have tremendous knowledge and experience around compliance issues with regard to tax filings, benefit offerings and other sensitive workforce management that must meet established regulations,” says Trainor, “but we now had the best technology in the industry with America OnShore.”
Simultaneous with the acquisition of Infinisource, Trainor, along with his equity partners, purchased America OnShore, launching the combined entity as Infinisource with Trainor at the helm and retaining the former head Todd LaFever as president of employer services and technology.
For Trainor, it was the trifecta of technology, marketplace and investment dollars to launch his vision.
The Proving Ground
In early 2012, Trainor moved Infinisource headquarters to the growing Ballantyne Corporate Park in Charlotte, announcing plans to hire more than 160 employees.
Trainor had purposefully chosen Charlotte as headquarters for the combined entity that met both personal and business needs. His two adult children reside in Charlotte, and he wanted his new company to be located in a high growth city.
“Charlotte is such a pro-business town,” says Trainor. “We knew we could grow the company with the talent pool available here, both on the technical and managerial side of the business.”
Hart and the team at Infinisource were excited to begin their partnership with Accel-KKR, who they knew to be a firm with a long track record of helping to grow great businesses.
“I knew the partnership would solidify our foundation and enable us to capitalize on the tremendous market potential while increasing our relationships with customers and partners,” comments Hart.
“I believed in their vision,” recounts LaFever. “Between the natural synergy, Gary’s vision and the technology platform, I knew that we could outsell and outperform our competition.”
Soon after the formation of the combined Infinisource, Trainor’s son Chris joined as the company’s chief marketing officer. Prior to joining Infinisource, Chris was a senior vice president and strategy executive at Bank of America.
“I was excited from the beginning, because these acquisitions would allow us to cross-sell a best-in-class product to a very satisfied customer base,” comments Chris. “And statistics show that when customers have a high level of satisfaction with one product, they have a greater propensity to purchase additional products.”
The new reformulated Infinisource hit the ground running with several strategic initiatives. In early 2012, the company introduced the new Infinisolved HCM technology, a cloud-based SaaS technology enabling human capital management tools accessible on a unified platform.
Chris likens the single interface to that of the iPhone: “It’s so intuitive, that on one single platform, HR managers have access to their employee database of information at so many levels.”
In December 2012, Infinisource acquired Qqest, adding a time and attendance software to its arsenal of human capital management services. This strategic move not only added more service offerings, but doubled its client base, making Infinisource the largest single-source provider of workforce tools for small and medium size employers.
With these acquisitions and strategic initiatives, Infinisource has bundled these services into its marketplace offering called iSolved, a payroll and employee management system with a complete solution for managing a workforce including payroll processing, benefits administration, talent management, and time and attendance. iSolved gives companies an unprecedented view of employee data with a single login onto a single database.
New client Angie Johnson of the Charlotte Athletic Club says, “In a small business where you wear lots of hats, I didn’t have time to waste creating spreadsheets and keying data just to get the payroll out. So we chose Infinisource, a company that does everything for you. The key benefits are the ease of using their system and their involvement in keeping us moving.”
It All Comes Together
Over 40 states in the country have laws that mandate the continuation of health benefits when employee-sponsored coverage is terminated. Infinisource helps employers comply with laws at the state level and the federal level (COBRA) that can be challenging and confusing to implement. These laws are complicated and driven by ever-changing regulation and business conditions.
With over 25 years of experience, Infinisource Compliance services prevent employers from exposing themselves unknowingly to tax issues and litigation. For example, the average cost of a COBRA lawsuit is $40,000 to a company and, according to the IRS, 90 percent of employers are noncompliant with COBRA regulations.
And, adding to their compliance expertise, Infinisource has recently announced new technology enhancements that enable employers to meet requirements and deadlines associated with the Affordable Care Act (ACA) or commonly referred to as Obamacare.
Another key market Infinisource targets is insurance brokers who work with companies selling benefit plans for their workforce. They offer exclusive programs for select brokers who want to partner with Infinisource and represent the Infinisource brand of services to their customer base.
These programs include co-branded marketing materials, dedicated account managers and access to a library of industry-related information. A Preferred Broker Program gives Infinisource the ability to share revenues with the very best of partners.
Infinisource has conducted seminars and webinars for over 25 years now, educating more than 275,000 human resource managers, benefits professionals and brokers with topics on critical issues that keep companies compliant with tax laws, benefit offerings and up-to-date on new approaches to workforce management solutions. Their website is replete with infographics, checklists and guidelines helpful in the human resources arena.
Infinisource’s solutions and services have proven successful in many industries, including manufacturing, construction, agriculture, health care, banking, hospitality, education and government, retail, service and others.
With Trainor’s substantial expertise and entrepreneurial vision, Infinisource has been nationally recognized as a leader of workforce management technology solutions and named to the 2012 Inc. 5000 list of fastest-growing companies. Trainor attributes this success to his management team being the best in the industry—seasoned payroll industry executives from hand-picked companies.
Infinisource currently has over 400 employees on the payroll. They also maintain division offices in Coldwater, Mich., and Sandy, Utah, and satellite offices in Colorado, Idaho, Washington, California, New Jersey, Florida and Texas.
Trainor’s number one goal at Infinisource is growth. He believes that by focusing on growth they will continue to enhance the value of their products and services, expand their competitive advantage, and create career opportunities in the local communities where they are based.
“Growth should be our obsession,” Trainor communicates to his employees. “Not growth for growth’s sake, but rather for the discipline it demands to build great technology and deliver great service.”
When asked what his vision is for Infinisource five years from now, Trainor says, “I’d like Infinisource to be the most admired technology provider in the human resources industry, reach the $200 million mark in annual revenue, and make a significant contribution to the local Charlotte community.