Intuit, the accountancy software providers, has bought payroll technology
company PayCycle for $170m (£102m), to expand its online accounting and tax
presence in the payroll IT field.
PayCycle’s chief executive Jim Heeger, who was previously chief financial
officer at Intuit, hopes the acquisition will support and increase Intuit’s
current applications, Online Payroll and QuickBooks payroll, by catering for
smaller businesses and accountants – which PayCycle currently specialises in.
The applications are expected to offer accountants trying to increase
services a standalone payroll product for SME clients.
Heeger said: ‘The two companies’ strengths complement each other.’
Adding: ‘We share a common vision: using the internet to deliver a secure and
easy-to-use payroll solution to small businesses.’
The deal is expected to be completed by Q3 this year.
Nora Denzel, senior vice president and general manager of Intuit Employee
Management Solutions said: ‘The acquisition will enable Intuit to develop and
deploy the next generation of online payroll tools.’
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