Wells Fargo & Co. said Tuesday it acquired PayDay of Minnesota Inc., a payroll services provider.
Based in Bloomington, Minn., PayDay provides payroll, payroll tax, direct deposit, and integrated time and attendance solutions to small and medium-sized employers, and will become part of Wells Fargo's Business Payroll Services.
Financial terms of the deal were not disclosed.
Jerry Gray, head of Wells Fargo Lending and Business Payroll Services, said, "With this acquisition, we'll be able to satisfy more of the financial needs of our business customers because they'll be able to choose from an even broader set of fast, reliable, and affordable payroll solutions to help them save time and money."
Michael Borchert, president and CEO of PayDay of Minnesota, will manage the business for Wells Fargo.
Wells Fargo is a financial services company with $397 billion in assets.
