DUBUQUE, Iowa – Honkamp Payroll, LLC announced it acquired the Rochester, Minnesota-based firm of Smart-HR in a transaction that closed last week.
In a news release Monday, Oct. 6, Honkamp said the acquisition was effective as of Wednesday, Oct. 1. Smart-HR, which now is known as Honkamp Payroll, is a full-service payroll and human capital management company.
Financial details of the transaction were not disclosed.
The company said it would be retaining the seven-person Smart-HR team, including owners Josh Haynes and Joel Goodew. That team will continue operating in Rochester.
“This acquisition will allow the Honkamp Payroll team to broaden its range of services and
market area,” Honkamp Payroll CEO Mike Welbes said in the release. “With the addition of Smart-HR’s expertise and resources, Honkamp Payroll will offer even more comprehensive solutions to clients.”
Honkamp Payroll is a full-service payroll and human capital management company with offices in Dubuque as well as Coralville, Iowa, and now Rochester. It serves clients in 42 states.
Its longstanding presence began in 1947, when Honkamp P.C. began processing payroll. In 2012, the payroll division was spun off and rebranded as HK Payroll, Inc. (HKP) and began transitioning clients to the iSolved platform. In 2019, iSolved acquired HKP’s clients.
Then in 2023, Honkamp P.C. – whose offices include Davenport – relaunched payroll services as Honkamp Payroll and onboarded clients in January of 2024.
“We believe joining forces is a great opportunity for clients and staff,” Mr. Welbes added. “With the integration of Smart-HR, Honkamp Payroll has expanded its employee base, reinforcing our commitment to growth and enhancing capabilities.”
The firm provides a broad spectrum of premium services critical to businesses, with the ability to serve clients across a range of industries and geographic locations.
