Payroll SaaS company Patriot Software seeks strategic partner

According to a blog post published on April 23, accounting and payroll software provider, Patriot Software, is “evaluating its options for long-term strategic partnerships.”

According to Patriot’s CEO, Mike Kappel, “Due to our strong financial position, we are looking for a strategic partner who will (1) share our long-term mindset of putting the customer first through innovation and (2) expect our precision software to disrupt the accounting software and payroll industries now and in the decades to come.”

Founded in 2002, the Canton, OH-based company is a team of  85 people led by Patriot’s CEO, Mike Kappel. Its payroll engine is calculating over $3 billion in payroll annually and processing $850 million through its proprietary direct deposit software, according to the company.

In 2017, Patriot Software partnered with AmTrust to offer “Pay As You Owe” (PAYO) workers’ compensation insurance to offer customers AmTrust PAYO to automatically calculate their workers’ compensation premiums based on their actual employee payrolls.

As a side note, the company has since rebranded. See before and after picture below.

Bottom Line: “The right strategic partner could take up to a 10% equity position in Patriot at this time with a possibility for more in the future.”