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CompuPay, Inc. Merged with BenefitMall

Monday, June 4, 2012

William Blair & Company acted as exclusive financial advisor to CompuPay, Inc. ("CompuPay"), a portfolio company of Willis Stein & Partners, L.L.C. ("Willis Stein"). CompuPay and BenefitMall have merged through an equity financing led by Austin Ventures. The combination of CompuPay and BenefitMall creates a leading national provider of employee benefit and payroll solutions, offering complete health insurance, benefits, payroll, and related products and services to small-to-medium sized businesses ("SMBs") and their employees throughout the United States. Together, CompuPay and BenefitMall will serve a growing national client base of more than 160,000 SMBs with over 2.7 million employees.

CompuPay is a leading national provider of outsourced payroll processing and related services. The Company provides full service payroll solutions, serving over 33,000 clients which range from 1 to 10,000 employees, across all industries, processing payroll via phone, fax, SaaS, or desktop. CompuPay assists its clients in managing their payroll processing needs by calculating, collecting and disbursing their payroll funds, remitting payroll taxes and preparing and filing all associated tax returns. The Company was founded in 1980 and is headquartered in Miramar, Florida.

Willis Stein is a Chicago-based private equity firm founded in 1989 that invests in the consumer services, education and specialized business services sectors. The firm has invested almost $3 billion in 50 portfolio companies since its inception. The firm targets buy-outs, build-ups, carve-outs from large companies, public-to-private transactions, and acquisitions of family-owned businesses.

Founded in 1979, BenefitMall is the largest general agency in the United States with 32 offices in 11 states serving a network of more than 20,000 brokers nationwide. BenefitMall offers plans from more than 125 leading insurance carriers, and with more than 175,000 in-force groups, and supports nearly two million employees and their dependents. BenefitMall is headquartered in Dallas, Texas.

Austin Ventures is a private equity and venture capital firm with $3.9 billion in capital under management across ten funds. The firm focuses on partnering with exceptionally talented entrepreneurs and operating executives to build valuable businesses in a variety of technology and service industries. Austin Ventures' investment professionals work with companies at every stage of the funding lifecycle; and the firm brings a long-term investment perspective with broad experience in building high-growth companies. The firm was founded in 1979 and is located in Austin, Texas.

William Blair was engaged by Willis Stein to pursue a sale of the Company. In connection with the engagement, William Blair marketed the Company to a targeted set of potential strategic and financial acquirers, created customized management presentations, coordinated the due diligence process and helped negotiate key terms of the definitive transaction agreement.

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