COSTA MESA, Calif., Sept. 25, 2007 (PRIME NEWSWIRE) -- Paychex, Inc. (Nasdaq:PAYX) has acquired BeneTrac (also known as Hawthorne Benefit Technologies, Inc.). BeneTrac will operate as Paychex Benefit Technologies, Inc., a wholly-owned subsidiary of Paychex. Transaction terms were not disclosed.
RSM EquiCo Capital Markets LLC initiated the transaction, sourced the buyer, led the negotiations and acted as exclusive financial advisor to BeneTrac. The transaction was structured as an acquisition of substantially all of the assets of BeneTrac by a wholly-owned subsidiary of Paychex, and all eligible BeneTrac employees have been offered employment with Paychex.
"It was clear from our first meeting that Paychex and BeneTrac were a solid strategic fit," said Paul Weisbrich, senior managing director, RSM EquiCo Capital Markets. "The consummation of this strategic transaction validates BeneTrac's hard work establishing and growing its business, while highlighting the intrinsic value of its proprietary software technology."
A team of RSM EquiCo Capital Markets professionals contributed to the successful close of this transaction. Paul Weisbrich, senior managing director and Erik Choy, vice president, led the deal team for BeneTrac. George Wall of Rutan & Tucker, LLP was the legal advisor to BeneTrac.
About RSM EquiCo Capital Markets
RSM EquiCo Capital Markets LLC (www.rsmequico.com) is a global provider of investment banking services to private and public companies with annual revenues of up to $1 billion. The firm brings together companies, capital and creativity on a national and international scale to help clients achieve their personal and strategic objectives.
RSM EquiCo Capital Markets is licensed by the SEC and all state securities authorities, and is a member of the FINRA and SIPC. The firm's international headquarters are located in Costa Mesa, Calif. It also has offices in Chicago, Boston, New York and London.
About BeneTrac
BeneTrac (also known as Hawthorne Benefit Technologies, Inc.) is a provider of powerful, web-based electronic enrollment and employee benefits administration software. The company's software, which is sold and distributed through insurance brokers and benefits consultants, is recognized as one of the most well-rounded and all-encompassing software systems available for small and medium-sized enterprises. This application service provider software system enables employers and human resources professionals to eliminate paperwork and automate management of their complete benefits packages through a single, customized portal. BeneTrac (www.benetrac.com) is based in San Diego, Calif.
About Paychex, Inc.
Paychex, Inc. (www.paychex.com), headquartered in Rochester, N.Y., is a recognized leader in the payroll and human resource industry, with more than 100 offices across the country serving approximately 561,000 businesses nationwide. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex(r). Human Resource Services include 401(k) plan record keeping, workers' compensation administration, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. In fiscal 2007, Paychex revenues exceeded $1.9 billion. The company, which trades on the NASDAQ under the symbol PAYX, has a market capitalization of $16.6 billion.