Paychex

Paychex, Inc. is an American provider of human resource, payroll, and benefits outsourcing services for small- to medium-sized businesses. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 670,000 payroll clients in the U.S. and Europe.[2] In 2019, Paychex ranked in position 700 on the Fortune 500 list of largest corporations by revenue[3], and the company’s revenue for fiscal year 2020 is projected to exceed $4.1 billion.[4]

Paychex, Inc.
Public
Traded as
ISINUS7043261079 
IndustryBusiness Process Outsourcing, Human Capital Management
Founded1971 (1971)
FounderB. Thomas Golisano
HeadquartersRochester, New York, U.S.
Area served
United States, Germany, Brazil, Denmark, Norway, Sweden
Key people
  • B. Thomas Golisano
  • (Chairman of the Board)
  • Martin Mucci
  • (President & CEO)
  • Efrain Rivera
  • (Senior VP & CFO)
ServicesPayroll and HR services
Revenue
  • US$ 3.38 billion
  • (FY MAY 31, 2018)
  • US$ 1.29 billion
  • (FY MAY 31, 2018)
  • US$ 933.7 million
  • (FY MAY 31, 2018)
Total assets
  • US$ 7.46 billion
  • (FY MAY 31, 2018)
Total equity
  • US$ 2.02 billion
  • (FY MAY 31, 2018)
Number of employees
14,300 (2018)
Websitepaychex.com
Footnotes / references
[1]

History

Paychex was founded in 1971 by Tom Golisano, who started the company with only $3,000.[5][6]

The operation grew to include 18 franchises and partnerships, which were eventually consolidated into one private company in 1979. Paychex held an initial public offering in 1983 and began trading on the NASDAQ (PAYX).[7][8] In the first quarter of fiscal year 2020, the company repurchased $171.9 million of its own stock[9] and currently has a market capitalization of $30.155 billion.[10]

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


Recent acquisitions

In December 2018, Paychex closed on its acquisition of Oasis Outsourcing Acquisition Corporation for $1.2 billion.[28][29] At the time of the Oasis acquisition, Paychex had 650,000 payroll clients and 14,500 employees. Oasis, a professional employer organization (PEO) brought 8,400 PEO clients, 1,100 employees, and an annual revenue that exceeded $9 billion in 2017.[30] Following the acquisition of Oasis, Paychex provides HR outsourcing services to 1.4 million worksite employees.[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.[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 Employers[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[40]
  • Rochester Democrat and Chronicle named Paychex one of the Best Places to Work in Rochester in 2016[41]
  • Paychex Flex received the 2016 TekTonic Award from HRO Magazine for being a best-in-class mobile and cloud-based technology suite[42]
Chief executives
Name Tenure
Tom Golisano 1979 – October 2004
Jonathan J. Judge October 2004 – July 2010
Martin Mucci October 2010 – present

References
  1. "Paychex, Inc. Annual Form 10-K (May 31, 2018)". U.S. Securities and Exchange Commission. July 20, 2018. Retrieved November 30, 2018.
  2. http://www.hoovers.com/company-information/cs/company-profile.paychex_inc.21001c3a09cde98c.html?aka_re=1
  3. https://fortune.com/fortune500/2019/paychex/
  4. https://www.cnbc.com/2019/10/02/paychex-ceo-small-business-hiring-picked-up-despite-slowdown-worries.html
  5. "Golisano Built Paychex into a Success StoryArchived 2016-03-03 at the Wayback Machine." Rochester Business Journal.
  6. https://finance.yahoo.com/quote/PAYX/profile/
  7. http://www.fundinguniverse.com/company-histories/paychex-inc-history/
  8. https://www.forbes.com/forbes/1999/1011/6409364a.html#3e0389c11aad
  9. https://www.fool.com/investing/2019/10/02/paychex-lifts-its-full-year-outlook-after-a-bouyan.aspx
  10. https://finance.yahoo.com/quote/PAYX/
  11. https://www.latimes.com/archives/la-xpm-1996-11-22-fi-1681-story.html
  12. https://www.nytimes.com/1996/06/26/business/company-news-paychex-plans-to-buy-national-business-solutions.html
  13. https://www.nytimes.com/2002/09/19/business/company-news-paychex-to-buy-advantage-payroll-for-240-million.html
  14. https://www.bizjournals.com/albany/stories/2003/03/17/daily6.html
  15. https://www.accountingtoday.com/news/paychex-acquires-product-line-from-stromberg
  16. https://www.accountingtoday.com/news/paychex-completes-acquisition-of-stromberg
  17. https://www.reuters.com/article/idUSIN20070913110059PAYX20070913
  18. https://www.chicagobusiness.com/article/20101213/NEWS07/101219971/surepayroll-bought-by-rival-paychex-for-115m
  19. https://www.forbes.com/sites/greatspeculations/2011/05/23/paychex-gains-from-eplan-deal-but-stock-still-too-rich/#50a523082af7
  20. https://rbj.net/2012/01/09/paychex-acquires-icon-time-systems/
  21. https://www.businesswire.com/news/home/20121203006089/en/Paychex-Acquires-ExpenseWire
  22. https://www.marketwatch.com/press-release/paychex-announces-acquisition-of-mystaffingpro-2013-06-12
  23. https://www.forbes.com/sites/greatspeculations/2014/06/19/paychex-expands-its-software-as-a-service-based-solutions-by-acquiring-nettime/#28ca760c6b99
  24. https://www.nasdaq.com/articles/paychex-payx-completes-advance-partners-acquisition-2015-12-23
  25. https://www.rochesterfirst.com/news/local-news/paychex-acquires-hr-outsourcing-inc/
  26. https://rbj.net/2018/03/01/paychex-acquires-lessor-group/
  27. https://www.wsj.com/articles/paychex-acquires-oasis-outsourcing-for-1-2-billion-11545429653
  28. https://www.wsj.com/articles/paychex-to-buy-human-resources-firm-oasis-for-1-2-billion-1543244838
  29. https://www.reuters.com/article/us-oasis-m-a-paychex/paychex-to-buy-outsourcing-firm-oasis-for-1-2-billion-idUSKCN1NV1SC
  30. https://www.bizjournals.com/southflorida/news/2018/11/27/oasis-outsourcing-to-be-acquired-by-public-company.html
  31. https://www.nasdaq.com/articles/paychex-payx-completes-oasis-outsourcing-acquisition-2018-12-24
  32. https://www.foxbusiness.com/features/paychex-ihs-launch-small-business-jobs-index
  33. https://www.paychex.com/employment-watch/#!/jobs-index/
  34. https://www.wsj.com/articles/dont-look-for-paychex-to-bounce-1435687562
  35. https://www.cnbc.com/2019/10/02/paychex-ceo-small-business-hiring-picked-up-despite-slowdown-worries.html
  36. https://www.hrexaminer.com/the-hrexaminer-2020-watchlist-paychex-payroll-and-basic-hr-services/
  37. https://fortune.com/future-50/2019/paychex/
  38. https://www.forbes.com/companies/paychex/#7a1284c94826
  39. https://www.worldsmostethicalcompanies.com/honorees/
  40. https://www.forbes.com/companies/paychex/#7a1284c94826
  41. https://topworkplaces.com/publication/rochester/
  42. https://www.hrotoday.com/news/enabling-technology/2016-tektonic-award-winners/


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