Paychex, the provider of payroll, HR and benefits solutions for small and medium-sized businesses, has acquired the expense report company ExpenseWire from Rearden Commerce. Terms of the deal were not disclosed.
ExpenseWire is a report manager that helps small firms keep track of their expenses. The software includes a system which allows clients to automatically create, edit and submit expenses from receipts, credit cards and other booking tools, as well as a review feature that can be used to detect any fraudulent activity.
Paychex first partnered with Rearden Commerce back in October 2008. At the time, the team behind ExpenseWire was used to help support and power Paychex Expense Management – a web-based tool with similar features to what ExpenseWire offers now.
In a press release issued today, Paychex said the acquisition would help the company to improve its Paychex One-Source Solutions, which is a package of workforce services that include administrative support and benefit plan options.
“We are thrilled that ExpenseWire has found a good home with our long standing partner Paychex,” said Patrick W. Grady, founder and CEO, Rearden Commerce. “With the introduction of Deem, the ExpenseWire business no longer fits into our vision of an integrated suite of offerings, so this transaction makes perfect sense for both companies.”
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ExpenseWire was founded in 1999 and is based in Wooster, Ohio. Paychex, meanwhile, has been around since 1971 and serves roughly 567,000 clients. In addition to its HR and benefits solutions, it also offers businesses payroll processing, payroll tax administration and employee pay services.
Image Credit: ANDREI PUNGOVSCHI/AFP/Getty Images
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