MIRAMAR, Fla., April 1, 2008 /PRNewswire/ -- CompuPay, Inc. (www.compupay.com), the fourth largest payroll services company in the country, today announced the closing of the transaction to acquire the assets of Key Payroll Online (KPO), a business unit of Cleveland, Ohio-based KeyBank N.A., one of the nation's largest banking institutions. Terms were not disclosed.

As a result of the transaction, CompuPay is employing a substantial number of KPO employees and over the next 30 days will consolidate KPO's Bellevue, WA operation into CompuPay's existing Seattle area office.

In addition, CompuPay has been named the preferred payroll provider for KeyBank. CompuPay has renamed and rebranded KPO's web-based payroll application to CompuPay PayrollOnline and will offer this product plus other CompuPay payroll and After Payroll Solutions (R) to KeyBank clients throughout the country.

"The KPO acquisition provides CompuPay with enhanced online payroll capabilities and a significant relationship with one of the nation's leading financial institutions," stated Charlie Lathrop, chairman and chief executive officer of CompuPay.

"KeyBank is committed to providing essential business services such as payroll to our clients as they grow and expand," said Cindy P. Crotty, executive vice president, Key Community Banking. "We are pleased to continue to offer KeyBank business clients state-of-the art payroll and payroll-related services through our relationship with CompuPay."

About KeyCorp

Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest bank- based financial services companies, with assets of approximately $100 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit www.key.com/.

About CompuPay

CompuPay, Inc. was founded in 1980 and today is the fourth largest payroll company in the U.S. Its growing network of local offices processes payroll for tens of thousands of companies ranging in size from 1 to over 10,000 employees in all 50 states. The company offers payroll and employer-related services such as workers' compensation insurance, employee benefits, retirement plans and Section 125 and 132 plans to clients seeking highly flexible, innovative solutions to meet their growing business needs. For more information, visit www.compupay.com




    Media contact:
    Kathey Palmer
    Senior Vice President Business Development
    CompuPay, Inc.
    (615) 591-3756
    katheypalmer@compupay.com

SOURCE CompuPay, Inc.