Paychex acquires Orlando firm Alterna Capital Solutions
Orlando-based Alterna Capital Solutions LLC has joined the Paychex family, according to an SEC filing. Paychex, Inc. (Nasdaq: PAYX) paid a base purchase price of $94.8 million.
Paychex — best known for payroll services — is headquartered in Rochester, New York. It has more than 100 offices serving approximately 670,000 payroll clients in the U.S. and Europe and another 70,000 clients for other services such as benefits management.
According to the recent filing detailing the Alterna acquisition, Paychex was looking to increase and diversify its portfolio of solutions and support serving small- to medium-sized businesses. An Alterna news release said prior to two acquisitions — the second being Alterna — Paychex had virtually no financial service offerings. The first of the two was Advance Partners, a Highland Hills, Ohio-based company that provides integrated financial, operational and strategic services to support independent staffing firms.
