Close Close

Portfolio > Asset Managers

Paychex Acquires Payroll Software Developer

Your article was successfully shared with the contacts you provided.

NU Online News Service, April 13, 2004, 12:55 p.m. EST – Paychex Inc., Rochester, N.Y., a large payroll services company, has acquired the assets of Stromberg L.L.C., Lake Mary, Fla.[@@]

Stromberg develops time and attendance software systems for large and midsize employers.

The price of the deal and other terms were not immediately available.

Stromberg was founded in 1989. U.S. employers now use its products to pay 500,000 employees. Paychex developed close ties to Stromberg in October 2003, when it bought Stromberg’s Time In A Box software system.