KeyCorp (NYSE: KEY) has acquired Payroll Online, a Bellevue, Washington-based payroll processing company.
The business will be renamed Key Payroll Online and will continue to operate from Bellevue with all of its existing employees.
The addition of Key Payroll Online enables Key to provide highly integrated, Web-based payroll, benefits, human resources, and time and attendance processing solutions to small business, middle market and large corporate clients.
"The technology and existing infrastructure that Payroll Online brings to Key significantly enhance our ability to provide solutions and services to our business clients," said Daniel Neistadt, executive vice president, Key Consumer Payment Sales. "Payroll is an essential part of every business, and we are making it easier for our clients to reduce the internal cost and risk associated with managing critical employee data with ease, convenience and security."
"The combination of Key and Payroll Online creates a winning formula that offers Key's world-class financial products and services and provides significant growth opportunities for new and existing customers," said Bob McCambridge, senior vice president, Payroll Online.
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $91 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.