Springfield payroll provider closes purchase deal

Springfield-based The Payroll Co. acquired part of the business of a Little Rock, Arkansas, company.

TPC on Aug. 23 took over the payroll business of CFO Network, according to a news release. The number of clients and financial terms of the deal were undisclosed.

“The change will allow TPC to offer a more robust payroll and human resource cloud-based solution to current CFO Network clients," TPC CEO Greg Kollmeyer said in the release.

The employees and service teams joining TPC will remain in their current locations for the immediate future, officials said.

Allen Engstrom, managing director of CFO Network, said the deal came about amid internal conversations about the best solutions for its clients.

"When we took an honest assessment, we realized a partnership with The Payroll Co. was the ultimate fulfillment of this vision," he said in the release. "TPC has the best technology and a deep team of specialists to pair with our already amazing team."

TPC, which also provides taxes and benefits management, operates offices in Springfield, Kansas City, Little Rock and Bentonville, Arkansas.

The firm earlier this month ranked No. 4,208 on the annual Inc. 5000 list, which measures the fastest-growing private companies in the United States. TPC reported three-year revenue growth of 70% to boost its ranking from No. 4,483 in 2020.