CompuPay, Inc. one of the largest payroll services in the country, will acquire the assets of Key Payroll Online (KPO), a unit of Cleveland, Ohio-based KeyBank N.A.. The deal is expected to close on or about April 1, 2008. The terms of the transaction were not disclosed.
CompuPay plans to offer employment to a substantial number of KPO employees as part of the transaction. It also plans to consolidate KPO’s Bellevue, WA. operation with and into CompuPay’s existing Seattle area sales and operations office.
“Key Payroll Online is an excellent strategic fit for our business,” stated Charlie Lathrop, chairman and chief executive officer of CompuPay. “This transaction not only strengthens CompuPay’s online payroll product offering but also facilitates our strategy of expansion and growth in key markets across the country.” Also as a result of this transaction, CompuPay has been named the preferred payroll services provider for KeyBank clients.
“CompuPay’s expertise in payroll and their commitment to excellence in client services will serve Key Payroll Online clients well,” said Cindy P. Crotty, executive vice president, Key Community Banking. “KPO clients will see a seamless continuation of payroll services with CompuPay as well as an enhancement in additional employer-related services such as health benefits, workers’ compensation insurance, 401(k) plans, section 125 plans and more. We are excited about the opportunities to continue to offer KeyBank business clients state-of-the art payroll and payroll-related services through our relationship with CompuPay.”
CompuPay, Inc. was founded in 1980 and today is one of the largest payroll company in the U.S. Its growing network of local offices processes payroll for tens of thousands of companies ranging in size from 1 to over 10,000 employees in all 50 states. The company offers payroll and employer-related services such as workers’ compensation insurance, employee benefits, retirement plans and Section 125 and 132 plans
