Scottsdale's nettime solution acquired by Paychex

Scottsdale’s nettime solutions LLC, a cloud-based time and attendance software, announced that is has been acquired for an undisclosed amount by Paychex, Inc., the leading payroll, human resource and benefits outsourcing provider for small- to medium-sized businesses.
According to Paychex President and CEO Martin Mucci, nettime solutions’ “development expertise” is a perfect partnership for Paychex’s outstanding customer service solutions.
nettime solutions Founder and CEO Bahan Sadegh said the acquisition will allow the company to continue providing “innovative HR technology solutions” to help companies achieve their business goals.
According to Paychex, nettime solutions’ employs about 60 people and will have the option of becoming Paychex employees.
The company had been a venture with Canal Partners, the Scottsdale private equity firm specializing in software and Internet technologies. The Board of Directors for nettime consisted of Bahan Sadegh, Todd Belfer, Patrick and Jim Armstrong, and Dan Heydenfelt.
This Scottsdale company has been growing at such a fast pace and taken home some awards from INC. For the last four years they made Inc. 5000 list, ranked on other well-known company lists, including No. 91 for the Top 100 Arizona companies, and No. 83 for the Phoenix Metro area. Reports also show the company reaping $4.7 million in 2012 and seen a 52 percent revenue over three years.
Contributions from INC.