Paychex 2012 Annual Report Download - page 12

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2012 Annual Report 10
COTTON
ANDSEA
GRASS,
S1SALAND
SILK
organization), and ASO (administrative
services organization) offerings – now serves
23,000 clients and 615,000 client employees.
Both numbers grew 8% compared with the
prior year.
Another product we announced this year is
Paychex Advisor Select 401(k), a new offering
designed specifically for fee-based financial
advisors. This program, which expands our
retirement services platform, was developed
by ePlan Services, Inc., an online provider
of 401(k) outsourced solutions that Paychex
acquired in May 2011.
RETIREMENT SERVICES
With ePlan Services, we are making further
inroads in the financial advisor marketplace,
increasing our successful 401(k) business. We
continue to sell and service more 401(k) plans
than anyone in the industry. At the end of fiscal
2012, we had 59,000 retirement services clients,
up 4% from 2011, with assets of nearly $16
billion. Paychex services about one in every ten
401(k) plans in the country.
ACQUISITIONS
Another recent acquisition Paychex made also
continues to create excellent opportunities for
us. SurePayroll is on track in the do-it-yourself,
software-as-a-service payroll market. When we
acquired SurePayroll a year and a half ago,
we expanded our product set by adding their
Web-based platform for small businesses.
Earlier this year, we acquired Icon Time
Systems, Inc. and incorporated the business
into our company. We already had a successful
Continued on page 13