DELUXE CORPORATION

(DLX)
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Delayed Nyse  -  04:00 2022-07-01 pm EDT
22.26 USD   +2.72%
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Deluxe Announces Collaboration with Codat to Embed Accounting Integrations Directly into Deluxe Payroll + HR Solutions Platform

05/10/2022 | 08:01am EDT

This new product feature will be available for customers at no additional cost

Deluxe (NYSE:DLX), a Trusted Payments and Business Technology™ company, today announced a relationship with Codat, the universal API for small business data that provides connectivity to mid- and large-sized clients to build integrated products for SMBs. Through this effort, Deluxe Payroll + HR Solutions customers will now be able to reconcile their accounting data back into their accounting software automatically. The first accounting software immediately available for set-up is QuickBooks Online (QBO).

Seamless in-platform integration to a business’s accounting software is not common with payroll providers today. Historically, owners of small- and medium-sized businesses using accounting software, such as QuickBooks, had to export their payroll data from their current payroll provider’s platform, and then manually import it into their accounting software. Using Codat’s API, Deluxe is providing a white-labeled solution, connecting a QBO account directly to the Deluxe Payroll + HR Solutions account, enabling automatic data reconciliation.

Through this relationship, business owners will connect once on the Deluxe platform and, using Codat's technology, the ongoing synchronization is managed seamlessly in the background. The automation of this manual process will save business owners time, reduce errors, and ultimately ensure payroll data accuracy.

“Since its inception, Deluxe Payroll + HR Solutions has consistently developed easier ways for time-starved small business owners to perform human resource and payroll functions,” explained Michael Reed, President of Payments for Deluxe. “Our partnership with Codat elevates our Payroll + HR Solutions offerings by removing the hassle of manually entering payroll data to their accounting software. By utilizing Codat’s existing infrastructure, we’re able to decrease time-to-market and provide solutions to our customers sooner.”

“Payroll is usually a business's largest outgoing, and one of the month's most painful finance tasks,” said Pete Lord, Codat’s CEO and Co-Founder. “We've experienced this firsthand as a rapidly scaling SMB. The availability of integrations was the main reason we recently decided to switch payroll providers. It's fantastic to see Codat's technology being used in exciting, innovative ways, that solve genuine daily headaches for small businesses. We look forward to working with Deluxe to make many more integrations available to customers in the near future.”

Deluxe announced in June 2021, the integration of Payroll + HR Solutions with Microsoft Dynamics 365 Business Central, a comprehensive cloud-based business management solution. In the coming months, Deluxe Payroll + HR Solutions will complete accounting software integrations into QuickBooks Desktop, Xero, and Sage Intacct, among others, bringing payroll integration and automation to more businesses. As a leading platform provider, Deluxe provides business owners with the tools they need to grow and thrive in the marketplace.

More information on Deluxe Payroll + HR Solutions and Microsoft Dynamics 365 Business Central, can be found at www.deluxe.com/business-operations/microsoft-dynamics-365-business-central/

About Deluxe Corporation

Deluxe, a Trusted Payments and Business Technology™ company, champions business so communities thrive. Our solutions help businesses pay, get paid and grow. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world’s largest consumer brands, while processing more than $2.8 trillion in annual payment volume. Our reach, scale and distribution channels position Deluxe to be our customers’ most trusted business partner. To learn how we can help your business, visit us at www.deluxe.com, www.facebook.com/deluxecorp, www.linkedin.com/company/deluxe, or www.twitter.com/deluxe.


© Business Wire 2022
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Financials (USD)
Sales 2022 2 195 M - -
Net income 2022 95,2 M - -
Net Debt 2022 1 622 M - -
P/E ratio 2022 8,80x
Yield 2022 -
Capitalization 957 M 957 M -
EV / Sales 2022 1,17x
EV / Sales 2023 1,09x
Nbr of Employees 6 250
Free-Float 99,1%
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Number of Analysts 2
Last Close Price 22,26 $
Average target price 40,50 $
Spread / Average Target 81,9%
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Managers and Directors
Barry C. McCarthy President, Chief Executive Officer & Director
Scott C. Bomar Chief Financial Officer & Senior Vice President
Cheryl E. Mayberry-McKissack Non-Executive Chairman
Michael S. Mathews Chief Information Officer
Yogaraj Jayaprakasam Chief Technology & Digital Officer
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