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NETSUITE TAKES OVER PAYROLL BIZ

NetSuite has taken over more of the operations of the NetSuite Premier Payroll Service that had been handled by Perquest. As the NetSuite 10-Q for the March quarter put it, Perquest had been handling those “until it wound down its business operations.” That belatedly confirms reports about Perquest’s exit. Unfortunately, a few months ago, Perquest didn’t respond to responded to questions about the payroll company’s status, especially after a blog reported the business had been sold to ADP.

NetSuite said that there could be additional liabilities from taking over the business. NetSuite’s response at the time could best be characterized as “Huh?” The SEC form had little information on the payroll operations other than reporting that NetSuite held $8.4 million in customer funds as part of the business. Blog postings say most Perquest offices cleared out last fall and one insider posted a note that investors had pulled the plug on the company. A temp agency reportedly was sending out payrolls in January as things wound down. One post said the Perquest execs would be back once noncompetes expire and another said “look for us in late 2012.”

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