December 20, 2005 (Boston) - PAI Group, Inc. today announced the acquisition of five companies to create the firm’s newly established payroll processing division which will operate under the name PayChoice.
“This is a logical extension of our core payroll software business,” said Bill Scott, CEO of the Moorestown,
NJ-based firm, a leader in the payroll service industry. “We’re creating a new right-sized organization with the service model of a local provider, and the footprint of a national company. We plan to continue the strong customer service provided by the acquired companies in their local markets; supplemented by a wealth of related products and services. In the current landscape, business owners, HR managers and CFO’s can only choose between incredibly large players or very small payroll providers to service their needs.”
According to Scott, the companies acquired by PAI Group, Inc. include:
• Payrolls Plus, Inc. of Danvers, MA
• Payroll Associates of Dallas, TX
• PayChoice division of ECI of Elkhart, IN
• Payday Solutions of Louisville, KY
• PromptPay, Inc. of Buffalo, NY
Designed as a resource for small to midsized businesses, PayChoice eliminates the payroll and tax filing headaches for the small business owner, while also delivering employee benefits and tools often only available to large companies.
The acquired companies represent the founding acquisitions in a broader consolidation strategy. “We have a robust pipeline as we approach 2006, and are significantly expanding the sales staff across all locations,” Scott said. “We are already a leader in payroll software, powering nearly 100,000 employers, and will expand that position with our new, industry leading Encore platform. Additionally, PayChoice, the Company’s service bureau, is poised to take its place as one of the nation’s leading payroll service providers focused on the small to midsize US payroll markets.” PAI Group is backed by $60 million in private equity from Great Hill Partners, Baird Venture Partners and North Hill Ventures.
PAI Group Inc. is comprised of: Payroll Associates, LLC (www.encorepayroll.com) providing integrated payroll, HR, tax filing and time & attendance products for nearly 300 payroll, PEO, and accounting organizations and 100,000 employers nationwide; as well as PAI Services, LLC (www.paychoice.com) delivering payroll, tax-filing, benefits, and HR services to small and mid-sized businesses through the PayChoice division.
