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Paychex

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,[2] the company has more than 100 offices serving approximately 800,000 payroll clients in the U.S. and Europe.[1] Paychex is ranked 681st on the Fortune 500 list of largest corporations by revenue.[3]

History

Paychex was founded in 1971 by Tom Golisano, who started the company with only $3,000.[4][5]

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.[6][7]

Paychex acquired Pay-Fone in 1995.[8] In 1996, the company acquired Olsen Computer Systems[9] and National Business Systems.[10]

Between 2002 and 2003, it acquired Advantage Payroll Services,[11] Interpay,[12] and Time in a Box,[13] followed by Time in a Box's parent Stromberg in 2004.[14][15]

The company purchased Hawthorne Benefit Technologies in 2007,[16] SurePayroll, Inc. in 2010,[17] and ePlan Services in 2011.[18][19] It Icon Time Systems[20] and ExpenseWire in 2012 for an undisclosed amount.[21] Between 2013 and 2017, it purchased myStaffingPro[22] NETtime solutions[23] Advance Partners,[24] and Human Resources Outsourcing, Inc.[25]

Rochester Democrat and Chronicle named Paychex one of the Best Places to Work in Rochester in 2016.[26]

It acquired Lessor Group 2018.[27] That year it also acquired Oasis for a reported $1.2 billion.[28][29][30][31]

In 2019, Paychex was named to the Fortune list of Future 50 companies.[32]

John Gibson has been CEO of Paychex since October 2022.[33][34]

The company generated $5.2 billion in revenue and $13 billion in assets in 2024.[2]

In 2025, it acquired Paycor for $4.1 billion[35][36][37]

In May 2025, Paychex acquired SixFifty, the legal tech unit of U.S. law firm Wilson Sonsini Goodrich & Rosati, in an all-cash deal worth between $70 million and $85 million.[38]

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.[39] The IHS Markit Small Business Employment Watch shares small business jobs data beginning 2005 and wage data from 2011.[40] The Employment Watch is frequently used by financial experts, analysts, and journalists assessing the economic outlook.[41]

External links

References

  1. Paychex, Inc. Annual Form 10-K U.S. Securities and Exchange Commission, July 11, 2025^
  2. Paychex (PAYX) Forbes, retrieved 9 September 2020^
  3. Paychex Fortune^
  4. Kathryn Quinn Thomas. Golisano built Paychex into a success story Rochester Business Journal, 8 October 2004^
  5. Paychex, Inc. (PAYX) Company Profile & Facts – Yahoo Finance Yahoo Finance, retrieved 31 August 2020^
  6. Paychex, Inc. History FundingUniverse, retrieved 31 August 2020^
  7. Servicers Forbes, 11 October 1999, retrieved 31 August 2020^
  8. Pay-Fone Systems to Be Sold for $10.5 Million in Stock LA Times^
  9. Paychex Acquires Olsen Los Angeles Times, 22 November 1996^
  10. Company News; Paychex Plans to Buy National Business Solutions The New York Times, 26 June 1996^
  11. Company News; Paychex to Buy Advantage Payroll for $240 Million The New York Times, 19 September 2002^
  12. Paychex to acquire rival InterPay American City Business Journals, 17 March 2003^
  13. Paychex Acquires Product Line From Stromberg Accounting Today, 16 October 2003^
  14. Paychex Completes Acquisition of Stromberg Accounting Today, 14 April 2004^
  15. David A. Smith. Lake Mary, Fla.-Based Software Company Sold to Rochester, N.Y.-Based Paychex. Republican-American, 14 April 2004, retrieved 20 March 2025^
  16. Paychex announces acquisition of BeneTrac Reuters, 13 September 2007^
  17. Lorene Yue. SurePayroll bought by rival Paychex for $115M Crain's Chicago Business, 13 December 2010^
  18. Paychex Gains From EPlan Deal, But Stock Still Too Rich Forbes, 23 May 2011^
  19. Paychex Acquires ePlan Services Business Wire, 3 May 2011, retrieved 20 March 2025^
  20. Nate Dougherty. Paychex acquires Icon Time Systems Rochester Business Journal, 9 January 2012^
  21. Clint Treadway. Paychex Acquires ExpenseWire CPA Practice Advisor, 2012-12-03, retrieved 2025-01-23^
  22. Paychex Announces Acquisition of myStaffingPro Business Wire, June 12, 2013^
  23. Paychex Expands Its Software-As-A-Service Based Solutions By Acquiring Nettime Forbes, 19 June 2014^
  24. Paychex (PAYX) Completes Advance Partners Acquisition Nasdaq, 23 December 2015^
  25. Paychex acquires HR Outsourcing, Inc. RochesterFirst, 21 August 2017^
  26. Top Workplaces Top Workplaces, retrieved 9 September 2020^
  27. Gino Fanelli. Paychex acquires Lessor Group Rochester Business Journal, 1 March 2018^
  28. Paychex Acquires Oasis Outsourcing for $1.2 Billion The Wall Street Journal, 21 December 2018^
  29. Allison Prang. Paychex to Buy Human-Resources Firm Oasis for $1.2 Billion The Wall Street Journal, 26 November 2018^
  30. Arunima Banerjee. Paychex to buy outsourcing firm Oasis for $1.2 billion Reuters, 26 November 2018^
  31. Brian Bandell. Oasis Outsourcing to be acquired by PayChex South Florida Business Journal, 27 November 2018^
  32. Paychex Fortune, retrieved 9 September 2020^
  33. Paychex Names John Gibson As New CEO; Martin Mucci To Remain As Chairman Nasdaq, retrieved 23 June 2023^
  34. Andrea Deckert. Paychex expands board with addition of Gibson as new CEO. Rochester Business Journal, 14 October 2022, retrieved 20 March 2025^
  35. Sabela Ojea. Paychex to Acquire Competitor Paycor HCM The Wall Street Journal, 7 January 2025, retrieved 2025-03-21^
  36. Priyanka G. Paychex to buy rival Paycor in $4.1 bln deal to expand AI-driven HR products Reuters, 7 January 2025, retrieved 20 March 2025^
  37. Shrilekha Pethe. M&A News: Paychex (NASDAQ:PAYX) Will Acquire PYCR for $4.1B TipRanks, 7 January 2025, retrieved 20 March 2025^
  38. Sara Merken. Law firm Wilson Sonsini sells legal tech unit SixFifty to Paychex Reuters, 2025-07-30, retrieved 2025-08-05^
  39. Gabrielle Karol. Paychex, IHS Launch Small Business Jobs Index Fox Business, 9 January 2016, retrieved 5 September 2020^
  40. Small Business Employment Watch provided by Paychex www.paychex.com, retrieved 5 September 2020^
  41. John Carney. Don't Look for Paychex to Bounce The Wall Street Journal, 30 June 2015, retrieved 5 September 2020^