COMPUPAY ANNOUNCES FINAL AGREEMENT TO ACQUIRE
KEY PAYROLL ONLINE
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Becomes Preferred Payroll Partner to KeyBank
MIRAMAR, FL. (Mar. 20, 2008) -- CompuPay, Inc. (www.compupay.com), the fourth largest payroll services company in the country, today announced the execution of an agreement to acquire the assets of Key Payroll Online (KPO), a unit of Cleveland, Ohio-based KeyBank N.A.,one of the nation's largest banking institutions. The deal is expected to close on or about April 1, 2008. The terms of the transaction were not disclosed.
CompuPay plans to offer employment to a substantial number of KPO employees as part of the transaction. It also plans to consolidate KPO's Bellevue, WA. operation with and into CompuPay's existing Seattle area sales and operations office.
"Key Payroll Online is an excellent strategic fit for our business," stated Charlie Lathrop, chairman and chief executive officer of CompuPay. "This transaction not only strengthens CompuPay's online payroll product offering but also facilitates our strategy of expansion and growth in key markets across the country." Also as a result of this transaction, CompuPay has been named the preferred payroll services provider for KeyBank clients.
"CompuPay's expertise in payroll and their commitment to excellence in client services will serve Key Payroll Online clients well," said Cindy P. Crotty, executive vice president, Key Community Banking. "KPO clients will see a seamless continuation of payroll services with CompuPay as well as an enhancement in additional employer-related services such as health benefits, workers' compensation insurance, 401(k) plans, section 125 plans and more. We are excited about the opportunities to continue to offer KeyBank business clients state-of-the art payroll and payroll-related services through our relationship with CompuPay."
About KeyCorp
Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest bank-based financial services companies, with assets of approximately $100 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit https://www.key.com/.
About CompuPay
CompuPay, Inc. was founded in 1980 and today is the fourth largest payroll company in the U.S. Its growing network of local offices processes payroll for tens of thousands of companies ranging in size from 1 to over 10,000 employees in all 50 states. The company offers payroll and employer-related services such as workers' compensation insurance, employee benefits, retirement plans and Section 125 and 132 plans to clients seeking highly flexible, innovative solutions to meet their growing business needs. For more information, visit www.compupay.com
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