Skokie, IL — January 22, 2001 — SurePayroll, a provider of web-based payroll processing, announced it secured $8 million in Series B venture financing. Chicago-based Kettle Partners led the investment. Other participants in this round include BlueStar Ventures and Mesirow Financial.
SurePayroll, founded in 1999, provides a simple, convenient, reliable and economical way for small businesses to process and distribute payroll and taxes in minutes via the Internet. It allows small businesses and their employees to initiate and access their payroll from anywhere, at any time.
Founder, Scott Wald, has focused the company on serving small businesses. Wald, former Founder and CEO of ASAP Software Express and past Inc. Magazine "Entrepreneur of the Year" said, "Eleven million small businesses in the U.S., not to mention their employees, have been waiting for a service like this," Wald described the difference between SurePayroll and other outsourced payroll options. "We are not taking the current payroll method and slapping an Internet face on it like other payroll companies. We built our internet-enabled service from the ground up to be simple, convenient, reliable and economical." SurePayroll service offers improved accuracy at roughly 50% of the price of traditional payroll services."
SurePayroll has been very well received in the small business marketplace, experiencing greater than 100% growth each quarter since its commercial release. "One reason for our success is that we are not an Internet company, but a service company that leverages the Internet to deliver payroll faster, simpler and at a fraction of the cost," added Wald.
The money will be used to expand SurePayroll's sales, marketing and product development efforts in both its retail and private-label offerings.
About Kettle Partners Limited Partnership II:
Kettle Partners Limited Partnership II (http://www.kettlevc.com) based in
Chicago, Illinois, is a venture capital firm that focuses on emerging stage companies that enable Telecommunications,
New Media and the Internet. Kettle's portfolio includes MetaSolv Software, Inc., Coppercom, Diveo, Ignite Sports
Media, Active.com, Full Audio, and E-Greetings Network, Inc.
About BlueStar Ventures, L.P.
BlueStar Ventures, L.P. (http://www.bluestarventures.com) is a
Chicago-based private equity investment fund focusing its capital, time and other resources on early stage investments
in technology, Internet and telecommunications companies. BlueStar's portfolio includes Clerity Knowledge Exchanges,
Curious Networks and NII Communications.
About Mesirow Capital Partners VII, L.P.
Mesirow Capital Partners VII, L.P. (http://www.mesirowfinancial.com)
serves the financial needs of individuals, businesses, investing institutions, public sector entities and broker
dealers since 1937. Mesirow's Private Equity Division provides equity financing to successful management teams in
growth financings and management buy-outs. Mesirow's portfolio includes Fender Musical Instruments, Paragon Solutions,
CourtLink, and Swingles Furniture Rental.
About SurePayroll:
SurePayroll is the online alternative to ADP® and Paychex®. SurePayroll's service and team members are dedicated to providing an easy, convenient online payroll service at a price small business owners can afford. Tens of thousands of customers rely on SurePayroll to process payroll wherever they want in as few as two minutes.
In addition, SurePayroll offers small businesses solutions for managing 401(k) plans, health insurance, workers' compensation, HR compliance and employee screening. For accountants and banking partners, SurePayroll provides private-label services that enable them to offer payroll processing to their small business clients.
Over the last decade, SurePayroll has received numerous prestigious awards for its innovative technology and outstanding customer service, including recognition from PC Magazine, Inc. 500, Accounting Today, the Stevie Awards and many others.
For more information, you can visit http://www.surepayroll.com, call 877.954.7873 or follow us on http://twitter.com/SurePayroll.
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