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Paychex completes $115M buyout of SurePayroll

Payroll and benefits service provider Paychex Inc. said Wednesday it closed on its acquisition of software maker SurePayroll Inc. for $115 million.

The deal will give Paychex’s customers access to technology that lets them process payroll in minutes through the Internet.

Glenview, Ill.-based SurePayroll will operate as a subsidiary of Paychex once the transaction closes at the end of this year. Michael Alter will continue to serve as president of SurePayroll, which currently serves about 30,000 small businesses.

Paychex shares fell 42 cents to $32.99 in afternoon trading