Paychex has agreed to acquire SurePayroll, a Chicago-based provider of Internet-based payroll services, via a merger valued at roughly $115 millon. SurePayroll will operate as a subsidiary of Paychex and will continue to be led by its president, Michael Alter. The companies said SurePayroll has about 30,000 customers.

SurePayroll expected 2010 revenue of about $23 million. The company has an accountants' program and also offers privately labelled payroll services through financial institutions such as Citibank, Harris Bank and SunTrust  Bank. The company this year also introduced the Sure Payroll App for the iPhone, iPad & iPod touch.