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M&A Deal Summary

Paychex Acquires InterPay

On April 1, 2003, Paychex acquired staffing company InterPay from FleetBoston Financial for 182M USD

Acquisition Highlights
  • This is Paychex’s 2nd transaction in the Staffing sector.
  • This is Paychex’s 4th largest (disclosed) transaction.
  • This is Paychex’s 4th transaction in the United States.
  • This is Paychex’s 1st transaction in New Jersey.

M&A Deal Summary
Date 2003-04-01
Target InterPay
Sector Staffing
Buyer(s) Paychex
Sellers(s) FleetBoston Financial
Deal Type Divestiture
Deal Value 182M USD

Target

InterPay

East Hanover, New Jersey, United States
InterPay, founded in 1971, is a national payroll and human resource administrative services provider primarily focused on small- to medium-sized businesses located in 49 states. InterPay's offices encompass the Northeast and Mid-Atlantic regions of the U.S., as well as northern Illinois and Florida. InterPay provides a full range of payroll services, including payroll processing, payroll tax filing and employee pay services. Its HR administrative services include workers' compensation solutions, section 125 plans and employee benefit booklets.

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Buyer(S) 1

Buyer

Paychex

Rochester, New York, United States
Category Company
Founded 1971
Sector Business Services
Employees15,600
Revenue 5.3B USD (2024)
DESCRIPTION
Paychex office in North Reading, Massachusetts.
Paychex office in North Reading, Massachusetts.

Paychex is a provider of comprehensive payroll and integrated human resource and employee benefits outsourcing solutions for small- to medium-sized businesses in the US. Paychex was founded in 1971 and is based in Rochester, New York.

DEAL STATS #
Overall 4 of 22
Sector: Staffing M&A 2 of 4
Type: Divestiture M&A Deals 1 of 3
State: New Jersey M&A 1 of 1
Country: United States M&A 4 of 21
Year: 2003 M&A 1 of 2
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-09-19 Advantage Payroll Services

Auburn, Maine, United States

Advantage was a leading national provider of outsourced payroll processing and related services to small businesses. The company assisted its clients in managing their payroll processing cycle by calculating, collecting and disbursing payroll funds, remitting payroll taxes and preparing and filing all associated tax returns. In addition, Advantage offered clients a wide range of ancillary products and services, including human resource information software, employee benefit services and workers compensation premium billing.

Buy $240M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-10-16 Time In A Box

Federal Way, Washington, United States

Time in a Box is a PC-based time and attendance software targeted at small and midsize businesses.

Buy -

Seller(S) 1

SELLER

FleetBoston Financial

Boston, Massachusetts, United States
Category Company
Founded 1791
Sector Financial Services
Employees47,500
DESCRIPTION

FleetBoston Financial was a bank and financial services firm created in 1999 by the merger of Fleet Financial Group and BankBoston.

DEAL STATS #
Overall 3 of 3
Sector: Staffing M&A 1 of 1
Type: Divestiture M&A Deals 3 of 3
State: New Jersey M&A 1 of 1
Country: United States M&A 3 of 3
Year: 2003 M&A 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-06-01 Fleet Mortgage

Columbia, South Carolina, United States

Fleet Mortgage Corp., is a provider in the origination of residential mortgage loans, the company provides mortgages through retail offices in the Northeast, a national network of 1,000 correspondents, wholesale brokers nationwide, and its National Telesales Center.

Sell $660M
Mergr

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