Daily News

View All News

Paychex acquires staffing industry payroll funding firm

December 02, 2015

Paychex Inc. (NASD: PAYX), a provider of payroll services and PEO services, acquired Advance Partners, a large payroll funding and outsourcing services provider to the US temporary staffing industry.

Substantially all of the assets of Advance Payroll Funding Ltd., the operating company, and Advance Temporary Help Services Inc., its non-operating parent company, were acquired by a wholly owned subsidiary of Paychex.

Terms of the acquisition were not disclosed. The transaction is conditioned on regulatory approval and other customary closing conditions.

Paychex already provides payroll and HR services to staffing companies and the acquisition enables Paychex to offer them more services and support.

“The staffing outsourcing business is a growing industry that serves many small and mid-sized firms, which is a perfect fit for Paychex,” said Paychex President and CEO Martin Mucci. “We are excited about Advance Partners joining the Paychex family. And, given Paychex’s extensive product suite, financial strength, and access to capital, we can help expand Advance Partners’ product offering and accelerate client growth.”

Advance Partners, founded in 1998, has approximately 130 employees; all will be offered employment with Paychex.