Paychex, Inc. (NASDAQ:PAYX), a Rochester, NY-based provider of payroll, human resource, insurance, and benefits outsourcing solutions for small- to medium-sized businesses, acquired Advance Partners, a Cleveland, Ohio-based provider of integrated financial, operational, and strategic services to support independent staffing firms.
The amount of the deal – conditioned on regulatory approval and other customary closing conditions – was not disclosed.
Founded in 1998 by CEO Joel Adelman, Advance Partners provides independent staffing firms with solutions including payroll funding, commercial credit, back office support, and a variety of strategic services. The company has approximately 130 employees who will be offered the opportunity to become Paychex employees.
Led by Martin Mucci, president and CEO, Paychex serves approximately 590,000 payroll clients across 100 locations. The acquisition will allow it, which already provides payroll and HR services to a number of staffing companies, to offer them more services and support.