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Paychex Inc. said Monday it has acquired a report automation company that it had partnered with in the past.
The Penfield-based payroll and human resources services company has purchased ExpenseWire from California-based Rearden Commerce Inc. Terms of the acquisition were not disclosed.
Paychex first partnered with Rearden in October 2008 when ExpenseWire was selected to power Paychex Expense Management, a Web-based product providing clients with tools to manage and control the expense reporting process, Paychex officials said.
The acquisition will help clients control costs by managing employee expenses and the expense reporting process, said Martin Mucci, Paychex president and CEO.
“Paychex’s partnership with ExpenseWire over the last four years has been very successful, and by acquiring this leading software-as-a-service application, we are continuing our commitment to deliver innovative technology to our clients,” Mucci said.
The acquisition will give Paychex the ability to enhance its Paychex One-Source Solutions, a line of workforce products, and provide greater value to clients, company officials said. Paychex also gains an experienced development and client service team with significant knowledge of the expense management market.
“We are thrilled that ExpenseWire has found a good home with our long standing partner Paychex,” said Patrick Grady, founder and CEO, Rearden Commerce.
ExpenseWire was established in 1999 and is based in Wooster, Ohio.
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