Payroll and human resource services provider Paychex Inc. has purchased expense report automation product maker ExpenseWire from Rearden Commerce Inc. for an undisclosed sum.
Paychex first partnered with Rearden in October 2008 when ExpenseWire was selected to power Paychex Expense Management, a Web-based offering that provides clients with tools to readily manage and control the expense reporting process, including approval, reimbursement, and reporting.
The acquisition is geared towards allowing Paychex to further enhance its Paychex One-Source workforce product suite, as well as add a development and client service team with knowledge of the expense management market.
“We are excited about ExpenseWire’s market-leading expense management solution becoming part of Paychex’s suite of offerings," said Paychex president and chief executive Martin Mucci. "This solution helps our clients control costs by managing both employee expenses and the expense reporting process. 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.”
ExpenseWire was established in 1999 and is based in Wooster, Ohio.