Paychex in Rochester, N.Y., has entered an agreement to acquire Advance Partners in Cleveland.
Advance Partners provides payroll funding, commercial credit and back office support to temporary staffing firms. The company was founded in 1998 and has 130 full-time employees.
"We believe the temporary staffing business is going to continue to grow, due in part to ever-increasing government regulation, including the Affordable Care Act and newly proposed overtime rules," Martin Mucci, Paychex's chief executive, said in a Wednesday news release.
Financial terms of the agreement and the target closing date were not disclosed.
