Time and Attendance and Workforce Management Solutions

Stromberg Announces the Sale of Small Business Product Line to Paychex

Stromberg Announces the Sale of Small Business Product Line to Paychex

Stromberg divests time and attendance product line “Time in a Box” to focus on enterprise-level solution for large businesses.

Orlando, FL (October 16, 2003) – Stromberg, a market leader in time and attendance and employee management solutions, today announced the sale of the Time in a Box product line to Paychex, Inc., a leading national provider of payroll and human resource services. Time in a Box is a Windows-based time and attendance solution for small- to medium-sized businesses. The sale of Time in a Box to Paychex follows Stromberg’s decision to focus solely on its higher end product for large organizations.

“Paychex has reviewed a number of options, and we believe Time in a Box has the reputation and features that we’re looking for to provide new and existing clients with an enhanced product offering,” said Walter Turek, senior vice president of sales and marketing for Paychex. “We consider the time and attendance market need to be significant, and Time in a Box offers the capabilities that businesses have been requesting of us.”

“The time was simply right for Stromberg to make a move and focus all of our efforts on our enterprise level product for large organizations,” said Seth Bernstein, CEO and president of Stromberg. “Small to mid-sized businesses looking for a time and attendance solution will be better served with a world-class organization like Paychex. This enables Stromberg to dedicate our efforts to meeting the complex time and attendance needs of large-sized companies.”

Time in a Box interfaces with Paychex’s Paylink® software, a desktop payroll solution for small- to medium-sized businesses, and Paychex’s Major Market Services Preview® software, a PC-based option for larger businesses with more complex payroll and benefits needs. For more information about Time in a Box, businesses may call 877-225-8207.

About Stromberg

Stromberg is a leading provider of enterprise time and attendance solutions. The Lake Mary, Florida based company is the only time and labor management vendor that specializes solely on time and attendance as well as scheduling for large companies. Stromberg products can help organizations proactively control labor costs, prepare accurate and timely payrolls, calculate labor analytics, manage human resources integration and much more. Additional information can be found at the company Web site www.stromberg.com.

About Paychex

Paychex, Inc. (NASDAQ:PAYX) is a leading national provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource and benefits outsourcing services include 401(k) plan recordkeeping, workers’ compensation administration, section 125 plans, a professional employer organization, and other administrative services for business. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices and serves approximately 490,000 payroll clients nationwide. For more information about Paychex and our products, visit www.paychex.com.

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