Rochester, N.Y.--(Sept. 20, 2002) -- Payroll services provider Paychex Inc., said it will acquire rival Advantage Payroll Services Inc., a privately owned payroll processor, for $240 million in cash.
Paychex will spend about $75 million in cash for the redemption of preferred stock and the repayment of outstanding loans. The company said it expects Advantage to contribute roughly $75 million in revenue over the next year.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access