Payroll and benefits outsourcing provider Paychex Inc. has acquired online payroll processor SurePayroll for an undisclosed amount.

The transaction is expected to close by the end of the year. Going forward, SurePayroll will operate as a wholly owned subsidiary of Paychex.

Michael Alter will remain as president of SurePayroll.

Founded in 2000, Glenview, Ill.-based SurePayroll serves roughly 30,000 small businesses. The deal will allow Paychex customers to process payroll online or via an iPhone application.

“This acquisition helps Paychex expand further into a new segment of the online market for small business — a fast-growing part of the market that we believe will continue to thrive,” said Paychex president and chief executive Martin Mucci.

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