Advance Partners Acquired by Paychex
Cleveland, OHIO – December 2, 2015 – Advance Partners has announced that it is being acquired by Paychex, a leading provider of payroll, human resource, insurance and benefits outsourcing solutions. Advance Partners will operate as a standalone business, and the team will continue to serve clients the same way they have for nearly 18 years.
Advance Partners has always had one simple mission: to help staffing firms grow. The Paychex acquisition helps position Advance to serve its clients with even more robust offerings and expertise to accelerate growth. Advance will continue to operate with the same employees and senior leadership team, but now with the financial backing and technology of a leading human capital management company.
“We look forward to helping guide our company to the next level of service excellence,” said Adam Stern, President of Advance Partners. “We expect the transaction to close by the end of December, and will be in touch soon with more information about this exciting news.”
Paychex resources to a growing industry
“The staffing outsourcing business is a growing industry that serves many small and mid-sized firms, which is a perfect fit for Paychex,” says Martin Mucci, Paychex president and CEO. “We are excited about Advance Partners joining the Paychex family. And, given Paychex’s extensive product suite, financial strength, and access to capital, we can help expand Advance Partners’ product offering and accelerate client growth.”
Industry data shows there are more than three million temporary staffing employees in the United States, and approximately 10,000 small and mid-sized staffing businesses that support this employee population.
“We believe the temporary staffing business is going to continue to grow, due in part to ever-increasing government regulation, including the Affordable Care Act and newly proposed overtime rules. Paychex is uniquely positioned to bring our regulatory expertise to staffing firms,” says Mucci. “Paychex already provides payroll and HR services to a number of staffing companies who are among our nearly 600,000 clients, and this acquisition will allow us to offer them more services and support.”
Benefits for clients
Advance Partners’ staffing firm clients work with more than 7,500 businesses. Those clients hire and process approximately 200,000 temporary positions annually.
“This announcement marks a great day for the clients of Advance Partners,” says Joel Adelman, Advance Partners founder and CEO. “Our mission has always been to help staffing firms grow. Now, as part of the Paychex family, we can leverage the capital, technology, and insurance resources of a leading provider of human capital management solutions to offer our clients a more complete suite of services to further accelerate their growth. The entire senior team at Advance is thrilled with this opportunity and looks forward to continue working with our talented associates here in Cleveland, Ohio.”
About Advance Partners
Advance Partners, founded in 1998, and based in Cleveland Ohio, is the leading provider of financial, operational and strategic support to independent staffing firms. Advance serves as a business partner with a simple mission: To help staffing firms grow. Advance’s customizable solutions include payroll funding, commercial finance, back office support and a variety of strategic services.
Direct inquiries to Advance Partners Marketing Department
216-831-8900 x216-831-8900 x1128 or 888-651-6500 (toll free)