PayCycle raises $8.5M acquisitions war chest

"Online payroll company PayCycle said Tuesday it closed its series D round of venture funding, which was led by DCM-Doll Capital Management.
PayCycle said August Capital, Conning Capital Partners, Total Technology Ventures and Irwin Ventures also invested in the round, as did Jim Heeger, the company's new CEO.
In a news release, the Palo Alto company said it will spend the money on acquisitions.
PayCycle has raised $29.3 million since it was founded in 1999. The company sells a web-based payroll service for small and medium businesses. "

[SF Biz Journals]