Paychex, Inc. (NASDAQ: PAYX), a leading provider of payroll and human resource services, today announced the sale of Stromberg, a time and attendance company serving mid- to large-sized businesses, to Kronos Incorporated, a global leader in workforce management solutions. Terms of the transaction were not disclosed.
“Paychex acquired Stromberg five years ago to accelerate our entrance into the time and labor management business for our target market,” said Jonathan J. Judge, Paychex president and chief executive officer. “The acquisition successfully fueled our strategy, as we acquired both market access and knowledge that helped us create industry-leading time and attendance products for our client base – small and mid-sized companies. The divestiture now will allow Stromberg to be paired with a leader in workforce management solutions that shares Stromberg’s focus on larger clients.”
“Kronos has a long history of financial stability and sustainable growth, which allows us to continually invest in product and services innovation for our customers,” said Aron Ain, Kronos chief executive officer. “We welcome Stromberg customers to the Kronos customer community. We are committed to helping these organizations achieve even greater value in the areas of controlling labor costs, minimizing compliance risk, and improving workforce productivity.”
Paychex remains focused on the development and delivery of labor management offerings for small and medium-sized companies. The latest addition to the Paychex product line is Time and Labor Online (TLO), a Web-based time and labor management system designed for mid-sized companies. Time and Labor Online supports Paychex’s commitment to its time and labor management business, and it builds on the foundation created by Paychex’s acquisition of Stromberg and Time in a Box, a Stromberg time and attendance product for small and medium-sized businesses that Paychex purchased in 2003. Time in a Box will remain part of the Paychex offering.
About Paychex
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, health insurance, workers’ compensation administration, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 554,000 payroll clients nationwide as of May 31, 2009. For more information about Paychex and our products, visit www.paychex.com.
Media Contact
Laura Saxby Lynch
Corporate Communications Director
585-383-3074
lsaxbylynch@paychex.com
