Partial acquisition of Tennessee-based firm boosts PayNW’s suite of offerings to businesses and expands its reach beyond the Pacific Northwest
PayNW, a leading provider of human capital management (HCM) software and services, has announced the acquisition of the HCM division of Renewal, a payroll and benefits company. The acquisition highlights the continued growth of the Seattle-headquartered PayNW with its first physical presence outside of the Pacific Northwest.
Resulting in an improved offering for current clients and new customers alike, the acquisition expands the product offering of PayNW with a new Benefits partnership as well as the payroll and HCM side of Renewal. As part of the acquisition, PayNW will open an office in Chattanooga, Tenn. Renewal will continue to focus on its group benefits business, including a partnership with PayNW for any mutual clients moving forward.
PayNW’s unified payroll, time tracking, and human resources information system (HRIS) software and services provide simple, effective solutions to managing a workforce, bringing peace of mind to 1,000+ businesses throughout the United States by offering the depth and breadth needed to more efficiently and productively manage and engage their workforce.
“Through this acquisition, we are proud to be expanding our physical footprint and bolstering our services,” said PayNW CEO Lori Brown. “We have had great admiration for the work that Renewal has done in the payroll and benefits space and are thrilled to be joining forces with their smart and innovative team. This news is a major win for PayNW, a win for Renewal, and – most importantly – a win for our clients.”
“We’re excited about the opportunity for our clients to gain a greater depth of resources and payroll and HCM experience with PayNW while maintaining the level of service and accessibility offered by a relatively smaller payroll and HCM service provider,” said Renewal partner Dylan Honeycutt. “PayNW felt like the perfect fit for our clients—as a UKG Ready partner, our clients are maintaining their existing platform and setup while gaining expertise and resources. We’re excited to turn our focus more specifically on our group benefits business and to continuing partnering with PayNW on payroll and HCM services.”
As the largest HCM company in the Pacific Northwest, PayNW’s track record includes a 96% year-over-year client retention rate, four consecutive years on the Inc. 5000 list of the fastest-growing privately held companies in the US, and distinction as a Kronos Premier Provider.
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