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Paychex sells Stromberg business to Kronos

Paychex sells time and attendance business Stromberg to Kronos for undisclosed amount

  • On 12:08 pm EDT, Wednesday October 14, 2009

ROCHESTER, N.Y. (AP) -- Payroll and personnel services provider Paychex Inc. said Wednesday that it sold its time-and-attendance business Stromberg to Kronos Inc.

Terms of the deal were not disclosed.

Paychex said that the sale gives Stromberg the chance to work with a company that will also concentrate on larger clients, whereas its acquisition was initially used to help make time and attendance products for small and mid-sized companies.

Shares of Paychex gained 28 cents to $28.81 in midday trading.

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