Intuit Acquiring PayCycle

Intuit has reached an agreement to acquire PayCycle for $170 million. The company will be integrated into Intuit’s Payroll division.

PayCycle’s simple-but-thorough online payroll compliance system, geared generally toward smaller small businesses (although they claim to be able to support up to 150 employees). The system offers automated reminders on federal and state tax payments and other liabilities, providing electronic filing where available.

A version of PayCycle is also available for public accountants managing multiple clients, providing them with wholesale pricing and firm-branded interfaces, and the ability to allow clients to handle all, part or none of their own payroll data entry functions. Direct deposit is included and can handle multiple bank accounts. The system also provides benefits and accruals tracking and payments.