TimePlus Payroll Inc., a provider of payroll, tax filing and benefit services, announced the acquisition of Los Angeles-based Payroll Perfect Inc.Financial terms of the deal were not disclosed.
Payroll Perfect serves close to 1,000 clients in a variety of industries, while TimePlus Payroll has over 210 offices throughout the United States and Canada, providing services to over 30,000 businesses. TimePlus also recently received a $30 million capital investment from venture capital group Chicago Growth Partners.
Robert Yegehiaian, owner and founder of 12-year-old Payroll Perfect, will become regional vice president of sales and be charged with expanding the TimePlus presence in the Los Angeles market.
TimePlus provides payroll service through a combination of technology and personalized service and support. TimePlus' proprietary technology platform integrates payroll, human resources and timekeeping.
"The acquisition of Payroll Perfect establishes us with a base of clients, an operations center and, most importantly, a remarkable team of employees which will enable TimePlus to significantly expand its West Coast presence," said TimePlus Payroll chairman and chief executive Stephen W. Gregg, in a statement.
TimePlus focuses on small to midsized businesses, but also offers an enterprise solution designed for large corporations. The management team is pursuing a market gap in the payroll services and advanced technologies available to small and midsized businesses, and plans to fill that market niche.
