Cherry Tree advises Deluxe Corporation
Deluxe Corporation (NYSE:DLX) has acquired Payce, Inc., based in Towson, Maryland. This acquisition will enhance Deluxe’s extensive suite of services for small businesses, by adding a leading a U.S. based full-service provider of payroll services, including online payroll, tax filing and HR solutions to supplement Deluxe’s existing Canadian payroll business. Payce serves customers in a variety of industries including hospitality, retail, and financial services.
Cherry Tree’s Role
Cherry Tree was engaged by Deluxe to advise the company in its acquisition of Payce, working with the Small Business Solutions division and the corporate development team in evaluating the payroll services market, identifying possible acquisition opportunities, negotiating the terms of the transaction, providing financial modeling and valuation analysis, supporting the due diligence process, and facilitating the closing of the transaction.
About Deluxe Corporation
Deluxe is a growth engine for small businesses and financial institutions. Nearly 4.6 million small business customers access Deluxe’s wide range of products and services including customized checks and forms, as well as web-site development and hosting, email marketing, search engine optimization and logo design. For financial institutions, Deluxe offers an expanding suite of customer lifecycle management solutions that include industry-leading check program management, customer acquisition including targeting & campaign services, account activation & retention, fraud, security, and risk management services. Deluxe is also a leading printer of checks and accessories sold directly to consumers. For a company profile, please visit www.deluxe.com.
About Payce, Inc.
Payce is a full-service provider of payroll services, including online payroll, tax filing and HR solutions. Payce serves customers in a variety of industries including hospitality, retail, and financial services. For more information, please visit www.paycepayroll.com.
About Cherry Tree & Associates
Cherry Tree & Associates, LLC is a private investment banking firm headquartered in Minneapolis, Minnesota, specializing in serving entrepreneurially-managed companies. Founded in 1980, the firm provides financial advisory engagements for buyers, sellers, and companies seeking growth capital, and provides fairness opinions and other valuation services.