If pencil pushing is getting in the way of productivity, CompuPay can lighten your company's administrative load. Founded in 1980, CompuPay provides outsourced payroll services and payroll processing software, primarily for small and midsize businesses. Services include remitting of payroll taxes, associated tax return filing, workers' compensation billing, and employee screening. It administers salaries for thousands of client employees and provides paycards, guides for developing and maintaining HR policy handbooks, and surveys and reports. CompuPay has about 25 offices throughout the US, and is combining with rival firm BenefitMall to create a leading provider of employee benefits and payroll services.
CompuPay merged with BenefitMall, an integrated employee benefit solutions provider with 32 offices in 11 states, in 2012. The deal included financing from private equity firms Austin Ventures and HarbourVest Partners. Both BenefitMall and CompuPay are profitable and will have combined revenue of about $200 million. After the integration is complete, the combined company will operate under the BenefitMall name and remain headquartered in Dallas. BenefitMall is using the private equity investment to fund expansion efforts in sales and marketing and make acquisitions.
Before its merger with BenefitMall, CompuPay spend the previous few years steadily growing through select acquisitions. In 2010, CompuPay strengthened its core offerings when it bought Priority Payroll, an outsourced payroll services provider based outside of Las Vegas that caters to midsized businesses. In 2008, the company snatched up the online payroll unit of KeyBank, the flagship subsidiary of financial services giant KeyCorp. The move added KeyBank's list of payroll clients to CompuPay's ever-growing customer base. Looking to augment its presence on the West Coast, CompuPay also bought California-based Advanced Payroll Systems that year.