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Paychex

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Paychex, Inc.
Company typePublic
Industry
Founded1971; 54 years ago (1971)
FounderB. Thomas Golisano
HeadquartersRochester, New York, U.S.
Area served
  • United States
  • Brazil
  • Denmark
  • Germany
  • Norway
  • Sweden
Key people
ServicesPayroll and HR services
RevenueIncrease US$5.278 billion (2024)
Increase US$2.174 billion (2024)
Increase US$1.690 billion (2024)
Total assetsDecrease US$10.38 billion (2024)
Total equityIncrease US$3.801 billion (2024)
Number of employees
c. 16,500 (2024)
Websitepaychex.com
Footnotes / references
[1]

Paychex, Inc. is an American company that provides human resources, payroll, and employee benefits outsourcing services for small- to medium-sized businesses.[1] Founded in 1971 and headquartered in Rochester, New York, the company has more than 100 offices serving approximately 740,000 payroll clients in the U.S. and Europe.[1] Paychex is ranked 681st on the Fortune 500 list of largest corporations by revenue.[2]

History

Paychex was founded in 1971 by Tom Golisano, who started the company with only $3,000.[3][4]

The operation grew to include 18 franchises and partnerships, which were eventually consolidated into one private company in 1979. In 1983, the company (ticker symbol: PAYX) became a public company via an initial public offering.[5][6]

Acquisitions

Company Year Price Ref(s)
Pay-Fone 1995 Undisclosed
Payday 1995 Undisclosed
Olsen Computer Systems, Inc. 1996 Undisclosed [7]
National Business Solutions 1996 $142.5 million [8]
Advantage Payroll Services, Inc. 2002 $240 million [9]
InterPay Inc. 2003 $155 million [10]
Time In A Box product from Stromberg 2003 Undisclosed [11]
Stromberg 2004 Undisclosed [12][13]
Hawthorne Benefit Technologies 2007 Undisclosed [14]
SurePayroll, Inc. 2010 $115 million [15]
ePlan Services, Inc. 2011 Undisclosed [16][17]
Icon Time Systems 2012 Undisclosed [18]
ExpenseWire 2012 Undisclosed [19]
myStaffingPro 2013 Undisclosed [20]
NETtime solutions 2014 Undisclosed [21]
Advance Partners 2015 Undisclosed [22]
Human Resources Outsourcing, Inc. 2017 Undisclosed [23]
Lessor Group 2018 Undisclosed [24]
Oasis 2018 $1.2 billion [25][26][27][28]
Paycor 2025 $4.1 billion [29][30][31]

Small Business Employment Watch

Paychex and IHS Markit launched a Small Business Jobs Index in 2014 that measures the health of businesses employing 50 people or less.[32] Today, the Paychex | IHS Markit Small Business Employment Watch shares small business jobs data going back to 2005 and wage data from 2011 to present.[citation needed][33] The Employment Watch is frequently used by financial experts, analysts, and journalists assessing the economic outlook.[34] Paychex CEO Martin Mucci regularly appears in the media to provide analysis of Small Business Employment Watch data, as well as insight into what the health of Paychex as a company says about the health of small business and the economy in general.[35]

Awards and honors

  • Paychex named to HR Examiner's 2020 Watchlist for the use of AI in HR[36]
  • In 2019, Paychex was named to the FORTUNE list of Future 50 companies[37]
  • Paychex was listed as number 211 on Forbes 2019 list of the World's Best[38]
  • In 2018, Paychex was named one of the World's Most Ethical Companies by Ethisphere for an 11th time[39]
  • In 2018, Forbes placed Paychex at number 76 on their list of the World's Most Innovative Companies[38]
  • Rochester Democrat and Chronicle named Paychex one of the Best Places to Work in Rochester in 2016[40]
  • Paychex Flex received the 2016 TekTonic Award from HRO Magazine for being a best-in-class mobile and cloud-based technology suite[41]

Chief executives

Name Tenure
Tom Golisano 1979 – October 2004
Jonathan J. Judge October 2004 – July 2010
Martin Mucci October 2010 – October 2022
John Gibson October 2022 − present[42][43]

References

  1. ^ a b c "Paychex, Inc. Annual Form 10-K". U.S. Securities and Exchange Commission. July 11, 2024.
  2. ^ "Paychex". Fortune.
  3. ^ Thomas, Kathryn Quinn (October 8, 2004). "Golisano built Paychex into a success story". Rochester Business Journal.
  4. ^ "Paychex, Inc. (PAYX) Company Profile & Facts – Yahoo Finance". Yahoo Finance. Retrieved August 31, 2020.
  5. ^ "Paychex, Inc. History". FundingUniverse. Retrieved August 31, 2020.
  6. ^ "Servicers". Forbes. October 11, 1999. Retrieved August 31, 2020.
  7. ^ "Paychex Acquires Olsen". Los Angeles Times. November 22, 1996.
  8. ^ "Company News; Paychex Plans to Buy National Business Solutions". The New York Times. Bloomberg News. June 26, 1996. pp. D4. Archived from the original on March 21, 2025.
  9. ^ "Company News; Paychex to Buy Advantage Payroll for $240 Million". The New York Times. Bloomberg News. September 19, 2002. pp. C4. Archived from the original on March 21, 2025.
  10. ^ "Paychex to acquire rival InterPay". American City Business Journals. March 17, 2003. Archived from the original on March 21, 2025.
  11. ^ "Paychex Acquires Product Line From Stromberg". Accounting Today. October 16, 2003.
  12. ^ "Paychex Completes Acquisition of Stromberg". Accounting Today. April 14, 2004.
  13. ^ Smith, David A. (April 14, 2004). "Lake Mary, Fla.-Based Software Company Sold to Rochester, N.Y.-Based Paychex". Republican-American. Retrieved March 20, 2025.
  14. ^ "Paychex announces acquisition of BeneTrac". Reuters. September 13, 2007.
  15. ^ Yue, Lorene (December 13, 2010). "SurePayroll bought by rival Paychex for $115M". Crain's Chicago Business. Archived from the original on July 22, 2012.
  16. ^ "Paychex Gains From EPlan Deal, But Stock Still Too Rich". Forbes. May 23, 2011.
  17. ^ "Paychex Acquires ePlan Services". Business Wire. May 3, 2011. Retrieved March 20, 2025.
  18. ^ Dougherty, Nate (January 9, 2012). "Paychex acquires Icon Time Systems". Rochester Business Journal.
  19. ^ Treadway, Clint (December 3, 2012). "Paychex Acquires ExpenseWire". CPA Practice Advisor. Retrieved January 23, 2025.
  20. ^ "Paychex Announces Acquisition of myStaffingPro" (Press release). Business Wire. June 12, 2013. Archived from the original on March 4, 2025.
  21. ^ "Paychex Expands Its Software-As-A-Service Based Solutions By Acquiring Nettime". Forbes. June 19, 2014. Archived from the original on March 21, 2025.
  22. ^ "Paychex (PAYX) Completes Advance Partners Acquisition". Nasdaq. December 23, 2015.
  23. ^ "Paychex acquires HR Outsourcing, Inc". RochesterFirst. August 21, 2017.
  24. ^ Fanelli, Gino (March 1, 2018). "Paychex acquires Lessor Group". Rochester Business Journal.
  25. ^ "Paychex Acquires Oasis Outsourcing for $1.2 Billion". Private Equity. The Wall Street Journal. December 21, 2018. Archived from the original on May 11, 2024.
  26. ^ Prang, Allison (November 26, 2018). "Paychex to Buy Human-Resources Firm Oasis for $1.2 Billion". Business. The Wall Street Journal.
  27. ^ Banerjee, Arunima (November 26, 2018). Dasgupta, Shounak (ed.). "Paychex to buy outsourcing firm Oasis for $1.2 billion". Reuters.
  28. ^ Bandell, Brian (November 27, 2018). "Oasis Outsourcing to be acquired by PayChex". Professional Services. South Florida Business Journal. Archived from the original on April 4, 2023.
  29. ^ Ojea, Sabela (January 7, 2025). "Paychex to Acquire Competitor Paycor HCM". Markets & Finance, Investing. The Wall Street Journal. Retrieved March 21, 2025.
  30. ^ G, Priyanka (January 7, 2025). "Paychex to buy rival Paycor in $4.1 bln deal to expand AI-driven HR products". Reuters. Retrieved March 20, 2025.
  31. ^ Pethe, Shrilekha (January 7, 2025). "M&A News: Paychex (NASDAQ:PAYX) Will Acquire PYCR for $4.1B". Stocks. TipRanks. Retrieved March 20, 2025.
  32. ^ Karol, Gabrielle (January 9, 2016). "Paychex, IHS Launch Small Business Jobs Index". Fox Business. Retrieved September 5, 2020.
  33. ^ "Small Business Employment Watch provided by Paychex | IHS Markit". www.paychex.com. Retrieved September 5, 2020.[self-published source]
  34. ^ Carney, John (June 30, 2015). "Don't Look for Paychex to Bounce". The Wall Street Journal. Archived from the original on July 19, 2024. Retrieved September 5, 2020.
  35. ^ Clifford, Tyler (October 2, 2019). "Paychex CEO tells Jim Cramer that small business hiring picked up in September despite slowdown worries". CNBC. Retrieved September 5, 2020.
  36. ^ Sumser, John. "The HRExaminer 2020 Watchlist: Paychex – Payroll and Basic HR Services". HR Examiner. Archived from the original on August 10, 2024. Retrieved September 9, 2020.
  37. ^ "Paychex". Fortune. Retrieved September 9, 2020.
  38. ^ a b "Paychex (PAYX)". Forbes. Retrieved September 9, 2020.
  39. ^ "Honorees 2020". Ethisphere® Institute | Good. Smart. Business. Profit.®. Retrieved September 9, 2020.
  40. ^ "Top Workplaces | The Democrat and Chronicle". Top Workplaces. Retrieved September 9, 2020.
  41. ^ Roth, Audrey (June 8, 2016). "2016 TekTonic Award Winners". HRO Today. Retrieved September 9, 2020.
  42. ^ "Paychex Names John Gibson As New CEO; Martin Mucci To Remain As Chairman". Nasdaq. Retrieved June 23, 2023.
  43. ^ Deckert, Andrea (October 14, 2022). "Paychex expands board with addition of Gibson as new CEO". Rochester Business Journal. Retrieved March 20, 2025.
  • Official website
  • Business data for Paychex, Inc.:
  • Wolfram Alpha Fundamentals & Financials
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