Systems, Inc., said on Monday it will acquire The Benefits Group Agency, Inc.

of Ohio.

In a deal expected to close March 31, IAS will acquire the Ohio-based company for $2.5 million cash plus 395,000 shares of restricted IAS common stock and 500,000 warrants.

Republic Environmental Systems, Inc. was spun-off from Republic Waste Industries, Inc. Island resident and IAS chairman Michael DeGroote, through MGD Holdings Ltd., is Republic's largest shareholder.

The Benefits Group, one of Ohio's fastest growing companies over the past four years, issues insurance products for corporate clients including small group health care coverage and disability and life coverages. The company also offers administrative services for retirement planning, executive benefits and risk exposure evaluations.

The company also provides asset management services for investment portfolios of over $325 million.

Clients number over 250 companies in the US and Canada and are expected to add about $6.6 million in IAS's annualised revenues.

Last month, IAS said it will acquire Ohio worker's compensation administrators M&N Risk Management, Inc. and M&N Enterprises, Inc. from Cleveland law firm Millisor, Inc. & Nobil Co. LPA, and MFC, Inc., also of Cleveland.