Pay-Fone Systems to Be Sold for $10.5 Million in Stock
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Pay-Fone Systems Inc., a Van Nuys-based provider of payroll processing services, said it has agreed to be acquired by a Rochester, N.Y.-based rival, Paychex Inc., for $10.5 million in stock.
Under the agreement, Paychex will pay $6.51 per Pay-Fone share, subject to certain adjustments.
Pay-Fone serves about 3,500 clients through five offices in California, and reported sales of $4.5 million for the year that ended June 30. Paychex serves about 200,000 companies nationwide and had sales of $224 million for the year that ended May 31.
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