Intuit is to acquire US online payroll outfit PayCycle for US$170m in an all-cash transaction.
PayCycle, based in Palo Alto, offers online payroll services to 85,000 small businesses. PayCycle also powers payroll services for leading financial institutions including Capital One and PNC Bank. Intuit says the acquisition will further its online capabilities and provide a foothold to PayCycle’s financial institution partners and their small business customers.
“We’ll offer small businesses a range of low-cost, high-value alternatives to expensive payroll outsourcers and time-consuming, error-prone manual payroll methods,” said Nora Denzel, senior vice president and general manager of Intuit Employee Management Solutions. “In addition, the acquisition will enable Intuit to develop and deploy the next generation of online payroll tools more quickly.”
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