Reprinted from: http://m.bizjournals.com/phoenix/blog/techflash/2014/06/paychex-buys-scottsdales-nettime-soluitons-as.html
Phoenix Business Journal
Nettime Solutions LLC, a Scottsdale software startup, is now part of mammoth human resources firm Paychex Inc. after it was purchased, according to an announcement Tuesday.
The deal, for which financial terms were not disclosed, will keep Nettime’s offices and about 60 people in Scottsdale with the possibility for expansion. The company had been among the portfolio of Canal Partners, a Scottsdale investment firm that specializes in tech businesses.
Nettime developed a software-as-a-service portal for managing time cards and attendance for small and midsize business, making it an attractive purchase, said Paychex President and CEO Martin Mucci in a statement.
“The acquisition of Nettime solutions accelerates our ability to deliver the latest cloud-based time and attendance functionality, which is important to the markets we serve,” Mucci said.
Bahan Sadegh, founder and CEO of Nettime, said the move will allow the company to continue developing HR-related software.
“By positioning ourselves with Paychex and working together to achieve a united strategic vision, we will continue to provide innovative HR technology solutions to help organizations realize their business goals,” he said.
Todd Belfer, managing partner at Canal who helped co-found Nettime, said the purchase was a good fit for both parties.
“(Paychex) needed a state-of-the-art time and attendance solution that was (software-as-a-service),” he said. “They’re only dealing with SaaS.”
The purchase will put money back into Canal, which is now fully divested. Belfer said he could not comment on the purchase price or Nettime’s revenue’s prior to the sale.