Symmetry Software, a payroll solutions provider, has been acquired by Gusto, a cloud-based HR management software company.
Symmetry helps copmanies calculate withholding on employees' paychecks, stay up to date on various country, state, and federal regulations that are complex and change frequently. Symmmetry's customers include large payroll providers and employers such as ADP, AT&T, and Walmart, which serve more than 60 million employees, roughly 40% of the U.S. workforce.
While the Arizona-based company has been independent for 37 years, its employees will join Gusto’s current workforce of 1,400 employees.
Gusto will be able to integrate further with Symmetry’s technology and data, while enriching its own tax-prevention software.
In all of its products, which include payroll, health care and financial benefits, earned pay access and an employee digital wallet, Gusto wants its tools to be “opinionated” and “guided”, London said.
“To give that guidance and to have that opinion, we have to have all the data and rules in the backend, and that’s what Symmetry enables us to do,” London said.
Together, Gusto and Symmetry plan to introduce alerts to employers before tax code changes, and help employers manage address-specific tax codes, which can vary.
Symmetry’s technology will also boost the value proposition of Gusto’s new embedded payroll play. This enables other software companies, such as business banking fintech Novo and barbershop-focused software provider Square, to weave payroll into their businesses.
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