Toronto's Wave Accounting announced today its acquisition of online payroll application Small Payroll. The application will be rebranded and relaunched as Wave Payroll, with a beta release in Canada this quarter, and in the U.S. in early 2012.
Small Payroll was launched in 2009 by Sean Walberg, an application developer in Winnipeg, Manitoba. Wave Accounting and Wave Payroll will operate as complementary but separate applications. Wave Accounting will remain 100% free.
“Our intention is to do for small business payroll what we did for small business accounting,” says Wave co-founder James Lochrie. “Namely, we’re taking something complicated, confusing and expensive for the small business owner, and making it ridiculously easy and affordable.”
Wave Accounting closed a $5 Million Series A financing round led by Charles River Ventures (CRV) with the participation of OMERS Ventures last month. Wave has signed up almost 75,000 small businesses in 198 countries around the world since its launch less than 11 months ago.
Wave closed a $1.5 Million seed round led by OMERS through INKEF Capital in June 2011 and received $750k in Federal Government stimulus funding in September.