Wells Fargo Divests Payroll Assets

Wells Fargo reached an agreement to sell assets of its Business Payroll Services unit to Asure Software, the companies said in a press release on Monday (April 2).

Asure, which offers human capital management (HCM) and workplace management software solutions, will acquire Wells Fargo Business Payroll Services’ Evolution HCM customer portfolio, the firm said, and business customers using Evolution HCM will be transferred to Asure Software for payroll services.

Evolution HCM includes payroll, Human Resources (HR) and tax management services for business clients.

“Wells Fargo Business Payroll Services customers who use the Evolution payroll platform will continue [to] experience the same security and service they have come to expect, along with the added opportunity to benefit from Asure [Software’s] full suite of innovative products and services,” said Asure Software CEO Pat Goepel in a statement. “We look forward to a fruitful relationship with our new customers while they experience a seamless transition of their payroll services to Asure Software.”

Financial terms of the acquisition were not disclosed. Asure said it expects to complete the transition of customers by July 2 of this year.

In a separate announcement, Asure also revealed the takeover of Austin HR, another human capital management company that similarly offers payroll services, as well as employee benefits, recruiting and training and HR consulting services.

“The acquisition of Austin HR supports our vision to deliver a global, innovative, single solution for SaaS [(Software-as-a-Service)]-based HCM and workplace technologies to enable an increasingly mobile workforce,” Goepel said in another statement. “Much like our other strategic ‘tuck-in’ acquisitions, there is a natural synergy between Asure Software and Austin HR, which offers a completely outsourced HR department. Integrating Austin HR’s consulting services, combined with our time and labor and workspace management solutions, provides a new opportunity for their clients to experience the complete benefits of Asure Software’s full suite of solutions.”