MINNEAPOLIS - Ceridian Corp. said it has bought the payroll services business from London-based National Westminster Bank PLC for $52 million in cash.
The bank unit, called Natwest Group, has approximately $240 billion in assets and operates in 27 countries.
Ceridian, the second-largest payroll processor in the United States, recently announced an agreement to acquire Comdata Holdings Corp., a transaction processing and information services company. Assuming completion of the Comdata acquisition, the Minneapolis-based company's revenue is expected to reach $1.3 billion this year.
Lawrence Perlman, Ceridian's chairman and chief executive, said Natwest Group's steady revenue and earnings "exemplify what we look for in potential partners as Ceridian continues to grow."
Ceridian will jointly market a Natwest-brand payroll management system to the bank's corporate customers.