SOURCE: PayCycle, Inc.

July 14, 2008 06:00 ET

PayCycle Continues Significant Growth Despite Broader Economic Downtown; Adds 75,000th Customer

Partnerships With Leading Financial Institutions Fuel Growth

PALO ALTO, CA--(Marketwire - July 14, 2008) - PayCycle, Inc., America's #1 online payroll service, today announced its 75,000th customer, and, for the second year in a row, is the nation's fastest growing payroll company. In a year marked by a series of national, economic downturns, PayCycle grew net clients 50%. PayCycle's growth is fueled by distribution through its private label partnerships with premier financial institutions including Capital One, PNC Bank, and one of the nation's top retail banks.

PayCycle growth factors include:

--  Rapid adoption by small businesses of the Software-as-a-Service (SaaS)
    delivery model for business services such as payroll.
--  Financial institutions offering online payroll as a complement to
    existing online bank offerings.
--  Recognition of the "green" advantages of paperless payroll--the
    complete payroll process from paydays to e-filing of taxes and forms can be
    done online, without use of paper or postage.
--  Accountants increasingly offering online payroll services to small
    businesses as a revenue-enhancing strategy.
--  Continued service enhancements designed to make PayCycle® online
    payroll service easy and convenient, like the new PayToday™ Setup added
    in December of 2007.
--  And, the just announced addition of XactPAY® Workers' Compensation
    premium payment capability in partnership with The Hartford.*
    

"This significant growth is a result of making PayCycle available everywhere a small business looks for online payroll. We are available through a direct Google search, from the local banker or financial institution, and through a large and growing network of local accountants," said Jim Heeger, president and CEO of PayCycle.

PayCycle Expands Management Team

PayCycle also announced today the addition of Vinay Pai as vice president of product development. Pai joins PayCycle from Cassatt where he served as vice president of product engineering after holding various engineering and QA roles at Sun Microsystems and Schlumberger. Martin Gates, co-founder, has assumed the full-time role of Chief Technology Officer.

In early June, PayCycle announced the addition of Jane Willis, veteran marketing executive from Adobe Systems, as the vice president of branded business at PayCycle, and in March, the company announced Jackie Hendy as vice president of human resources.

"As we grow it's been important to expand our management team, and this year we made three excellent additions. When combined with our existing, very experienced team, we now have the people in place to drive us to our next level of growth and innovation," said Heeger.

Industry Recognition

For the second year in a row, PayCycle was recognized for its integration with the leading accounting software program QuickBooks and received the "Awesome QuickBooks Add-On" award from The Sleeter Group, the leading worldwide network of QuickBooks consultants. "Small business owners need a convenient, easy, and economical payroll solution. And, with PayCycle, you get the convenience of anytime, anywhere Payroll, plus the ability to import the transactions into QuickBooks," said Doug Sleeter.

PayCycle was also recognized by the American Business Awards, who named PayCycle as a finalist in three categories for the annual "Stevie" Awards: Most Innovative Company, Best Marketing Campaign, and Best Customer Service organization.

The CPA Technology Advisor also awarded PayCycle the prestigious Readers' Choice Award.

About PayCycle

PayCycle is America's #1 online payroll service, serving more than 75,000 small businesses. PayCycle provides an easy-to-use, innovative, efficient service for small businesses backed by outstanding customer support. PayCycle also powers payroll services for leading financial institutions including Capital One and PNC Bank, and provides client payroll services through many of the nation's accounting professionals. PayCycle's service integrates with leading accounting programs such as QuickBooks®, Quicken®, Peachtree®, and Microsoft® Money. PayCycle's unique "Do-It-With-You™" (DIWY™) technology platform guides customers through the entire payroll process from paychecks to W2 forms. Visit www.paycycle.com for a free trial of the service.

*Note: Please see the today's release from PayCycle "PayCycle Eases Small Business Cash Crunch with 'Pay-As-You-Go' Workers' Compensation."

PayCycle is a registered trademark, and "Do-It-With-You" and "DIWY" are service marks of PayCycle, Inc. All other product names and trademarks are the property of their respective owners.

Contact Information

  • Contacts:
    Julie McHenry
    Communications Insight, LLC for PayCycle
    (650) 347-1333
    Email Contact

    Robert Blodgett
    CRVisions Communications Inc.
    (619) 823-4357
    Email Contact