Payroll and benefits outsourcing provider Paychex has acquired Icon Time Systems, an online and PC-based time and attendance products concern for small businesses.

Financial terms were not disclosed.

Founded in 1989, Beaverton, Ore.-based Icon Time Systems was named one of the Fastest-growing Private 100 Companies in Oregon from 2004 through 2008.

Paychex initially partnered with Icon in February for the launch of the Paychex PST 1000 time clock.
Going forward, Icon will operate as a wholly owned subsidiary of Paychex.

Its 16 employees will remain in the Beaverton office.