Paychex Expands Its Software-As-A-Service Based Solutions By Acquiring Nettime

Paychex, a leading payroll and HR service provider in the U.S., recently acquired nettime solutions, a cloud-based time and attendance solutions provider. This acquisition adds to Paychex’s existing Software-As-A-Service (SaaS) solutions portfolio which includes SurePayroll, ExpenseWire and myStaffingPro.

Nettime solutions has been offering SaaS based time and attendance solutions since 2008. It has performed well in the past with its revenue growing 52% from 2009 to 2012. Its 2012 revenue stood at $4.7 million. For Paychex, whose revenue in 2012 was $2.2 billion, nettime solutions’ revenue is not of any significance. Paychex has acquired nettime primarily to enhance its SaaS product line and to cater to the time and attendance management requirement for small and medium businesses.

Read More @ http://www.forbes.com/sites/greatspeculations/2014/06/19/paychex-expands-its-software-as-a-service-based-solutions-by-acquiring-nettime/