N.J. Software Co. Buys Expense Management Firm Necho

Parsippany, N.J.-based software company CyberShift yesterday acquired Toronto-based expense reporting provider Necho Systems for an undisclosed sum.

Necho in 1997 launched as a pure-play expense management company and since has garnered such customers as American Electric Power, Enbridge and Loomis Sayles.

CyberShift officials were unavailable for comment.

Steve Quincel, manager of employee expenses for American Electric Power, which for years has used the Necho application for managing employee expenses, said Necho and CyberShift reached out to his company weeks ago to notify him of the change. "My understanding is there have been changes in Necho's management, but the development and support staff remain intact," Quincel said. "The CyberShift folks have told us it should be business as usual."

Quincel added: "The CyberShift people seem genuinely enthusiastic about this deal and furthering product development."

Although Necho solely focused on travel expense management, its acquirer offers a suite of Web-based products, including time-, attendance-, labor- and other workforce-management software.