Paychex

Last updated

Paychex, Inc.
Company type Public
Industry
Founded1971;54 years ago (1971)
Founder B. Thomas Golisano
Headquarters Rochester, New York, U.S.
Area served
  • United States
  • Brazil
  • Denmark
  • Germany
  • Norway
  • Sweden
Key people
ServicesPayroll and HR services
RevenueIncrease2.svg US$5.278 billion (2024)
Increase2.svg US$2.174 billion (2024)
Increase2.svg US$1.690 billion (2024)
Total assets Decrease2.svg US$10.38 billion (2024)
Total equity Increase2.svg US$3.801 billion (2024)
Number of employees
c. 16,500 (2024)
Website paychex.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]

Contents

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 became a public company via an initial public offering. [5] [6]

Acquisitions

CompanyYearPriceRef(s)
Pay-Fone1995Undisclosed
Payday1995Undisclosed
Olsen Computer Systems, Inc.1996Undisclosed [7]
National Business Solutions1996$142.5 million [8]
Advantage Payroll Services, Inc.2002$240 million [9]
InterPay Inc.2003$155 million [10]
Time In A Box product from Stromberg2003Undisclosed [11]
Stromberg2004Undisclosed [12]
Hawthorne Benefit Technologies2007Undisclosed [13]
SurePayroll, Inc.2010$115 million [14]
ePlan Services, Inc.2011Undisclosed [15]
Icon Time Systems2012Undisclosed [16]
ExpenseWire2012Undisclosed [17]
myStaffingPro2013Undisclosed [18]
NETtime solutions2014Undisclosed [19]
Advance Partners2015Undisclosed [20]
Human Resources Outsourcing, Inc.2017Undisclosed [21]
Lessor Group2018Undisclosed [22]
Oasis2018$1.2 billion [23] [24] [25] [26]

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. [27] 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 ] [28] The Employment Watch is frequently used by financial experts, analysts, and journalists assessing the economic outlook. [29] 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. [30]

Awards and honors

Chief executives

NameTenure
Tom Golisano 1979 – October 2004
Jonathan J. JudgeOctober 2004 – July 2010
Martin MucciOctober 2010 – October 2022
John GibsonOctober 2022 − present [37]

Related Research Articles

<span class="mw-page-title-main">Tom Golisano</span> American businessman (born 1941)

Blase Thomas Golisano is an American billionaire businessman and philanthropist.

<span class="mw-page-title-main">S&P Global</span> American financial services company (founded 1917)

S&P Global Inc. is an American publicly traded corporation headquartered in Manhattan, New York City. Its primary areas of business are financial information and analytics. It is the parent company of S&P Global Ratings, S&P Global Market Intelligence, S&P Global Mobility, S&P Global Engineering Solutions, S&P Global Sustainable1, and S&P Global Commodity Insights, CRISIL It is also the majority owner of the S&P Dow Jones Indices joint venture. "S&P" is a shortening of "Standard and Poor's".

<span class="mw-page-title-main">ADP (company)</span> American software company

Automatic Data Processing, Inc. (ADP) is an American provider of human resources management software and services, headquartered in Roseland, New Jersey.

S&P Global Commodity Insights is a provider of energy and commodities information and a source of benchmark price assessments in the physical commodity markets. The business was started with the foundation in 1909 of the magazine National Petroleum News by Warren C. Platt.

<span class="mw-page-title-main">Adecco</span> Swiss multinational human resource consulting company

The Adecco Group is a Swiss–French company based in Zürich, Switzerland. It is the world's second largest human resources provider and temporary staffing firm. It is a Fortune Global 500 company and is listed on the SIX Swiss Exchange.

Arthur J. Gallagher & Co. (AJG) is an American global insurance brokerage and risk management services firm headquartered in Rolling Meadows, Illinois. The firm was established in 1927 and is one of the largest insurance brokers in the world.

IQVIA, formerly Quintiles and IMS Health, Inc., is an American Fortune 500 and S&P 500 multinational company serving the combined industries of health information technology and clinical research. IQVIA is a provider of biopharmaceutical development, professional consulting and commercial outsourcing services, focused primarily on Phase I-IV clinical trials and associated laboratory and analytical services, including investment strategy and management consulting services. It has a network of more than 88,000 employees in more than 100 countries and a market capitalization of US$49 billion as of August 2021. As of 2023, IQVIA was reported to be one of the world's largest contract research organizations (CRO).

<span class="mw-page-title-main">Workday, Inc.</span> American software company

Workday, Inc., is an American on‑demand (cloud-based) financial management, human capital management, and student information system software vendor. Workday was founded by David Duffield, founder and former CEO of ERP company PeopleSoft, along with former PeopleSoft chief strategist Aneel Bhusri, following Oracle's acquisition of PeopleSoft in 2005.

Kronos Incorporated was an American multinational workforce management and human capital management cloud provider headquartered in Lowell, Massachusetts, United States, which employed more than 6,000 people worldwide.

Markit was a British financial information and services company that focused on credit derivative pricing. It was founded in 2003 and merged in 2016 with IHS to form IHS Markit.

IHS Markit Ltd was an information services provider that completed a merger with S&P Global in 2022. Headquartered in London, it was formed in 2016 with the merger of IHS Inc. and Markit Ltd.

<span class="mw-page-title-main">R.L. Polk & Company</span> Data publishing company

R. L. Polk & Company was a provider of business and marketing information to the automotive industry, insurance companies, and related businesses. It was based in Southfield, Michigan with operations in several other countries, including Canada, Germany, the United Kingdom, France, Japan, China and Australia. Its business-to-business marketing services included PolkInsight, the National Vehicle Population Profile (NVPP), Blackburn / Polk Marketing Services Inc. (BPMSI), Polk Dealer Marketing Manager, The Ultimate Perspective (T.U.P), Polk Canada Net, Polk Vehicle Lifecycle System, Polk CrossSell Reports, and Polk Total Market Predictor. From 1999 it was the owner of the vehicle data service Carfax.

<span class="mw-page-title-main">TriNet</span> American cloud-based professional employer organization

TriNet Group, Inc. is a Dublin, California-based professional employer organization for small and medium-sized businesses. TriNet administers payroll and health benefits and advises clients on employment law compliance and risk reduction, acting in some cases as an outsourced human resources department. TriNet is headquartered in. TriNet partners with organizations between 3 and 2,500 employees.

JOC Group Inc., is a provider of global intelligence for trade, transportation and logistics professionals. It is founded in 2003 and is headquartered in Newark, New Jersey. Owned by IHS Inc., its brands include The Journal of Commerce, PIERS: The Port Import/Export Reporting Service, and a number of directory databases covering the international trade, railroad, and trucking markets. The JOC Group also stages about 11 conferences and exhibitions serving international trade and maritime markets.

<span class="mw-page-title-main">Aon Hewitt</span> American consulting company

Aon Hewitt was a provider of human capital and management consulting services headquartered in Lincolnshire, Illinois in the United States. From 500 offices in 120 countries, it provided consulting, outsourcing, and reinsurance brokerage services. The "Aon Hewitt" brand and legal entities have now been absorbed into the "Aon" business, leaving obsolete the names "Hewitt" and "Aon Hewitt."

<span class="mw-page-title-main">UKG</span> American software company

UKG is an American multinational technology company with dual headquarters in Lowell, Massachusetts, and Weston, Florida. It provides workforce management and human resource management services.

Paycom Software, Inc., known simply as Paycom, is an online payroll and human resource software provider based in Oklahoma City, Oklahoma with offices throughout the United States. It is attributed with being one of the first fully online payroll providers. It has been recognized by Fortune and Forbes as one of the fastest-growing publicly traded companies in the world, and as one of the World's Most Innovative Enterprise Companies by Fast Company in 2022. Founded in 1998, it reported annual revenue of $1.375 billion for 2022, up from $1.06 billion for 2021.

<span class="mw-page-title-main">Rival (software company)</span>

SilkRoad Technology, Inc., doing business as Rival, is a software company for human resources management. Rival is headquartered in Chicago, Illinois. The company has mid-market to Fortune 100 clients, including AirBnB, Cleveland Clinic, Dairy Queen, eBay, Netflix and Stellantis.

<span class="mw-page-title-main">Alight Solutions</span> Information Technology and consulting company based in Chicago, Illinois

Alight Solutions is an information technology and consulting company based in Chicago, Illinois. The company provides cloud-based digital business and human capital service solutions; particularly within the areas of wealth and health resources. The company went public on July 6, 2021, trading in the New York Stock Exchange under ALIT.

<span class="mw-page-title-main">Deel (company)</span> Private San Francisco-based payroll and compliance provider

Deel is an Israeli-American payroll and human resources company, based in San Francisco, California. The company provides hiring, payments, and workforce management services for companies hiring international employees and contractors.

References

  1. 1 2 3 "Paychex, Inc. Annual Form 10-K". U.S. Securities and Exchange Commission. July 11, 2024.
  2. ↑ "Paychex" . Fortune.
  3. ↑ "Golisano Built Paychex into a Success Story Archived 2016-03-03 at the Wayback Machine ." Rochester Business Journal.
  4. ↑ "Paychex, Inc. (PAYX) Company Profile & Facts – Yahoo Finance". finance.yahoo.com. Retrieved August 31, 2020.
  5. ↑ "History of Paychex, Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved August 31, 2020.
  6. ↑ "Servicers". Forbes. 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 . June 26, 1996.
  9. ↑ "Company News; Paychex to Buy Advantage Payroll for $240 Million" . The New York Times . Bloomberg News. September 19, 2002.
  10. ↑ "Paychex to acquire rival InterPay" . American City Business Journals . March 17, 2003.
  11. ↑ "Paychex Acquires Product Line From Stromberg". Accounting Today. October 17, 2003.
  12. ↑ "Paychex Completes Acquisition of Stromberg". Accounting Today. April 14, 2004.
  13. ↑ "Paychex announces acquisition of BeneTrac". Reuters. September 13, 2007.
  14. ↑ Yue, Lorene (December 13, 2010). "SurePayroll bought by rival Paychex for $115M". Crain's Chicago Business.
  15. ↑ Team, Trefis. "Paychex Gains From EPlan Deal, But Stock Still Too Rich". Forbes.
  16. ↑ Dougherty, Nate (January 9, 2012). "Paychex acquires Icon Time Systems". Rochester Business Journal.
  17. ↑ Treadway, Clint (December 3, 2012). "Paychex Acquires ExpenseWire". CPA Practice Advisor. Retrieved January 23, 2025.
  18. ↑ "Paychex Announces Acquisition of myStaffingPro" (Press release). Business Wire. June 12, 2013.
  19. ↑ Team, Trefis. "Paychex Expands Its Software-As-A-Service Based Solutions By Acquiring Nettime". Forbes.
  20. ↑ "Paychex (PAYX) Completes Advance Partners Acquisition". www.nasdaq.com.
  21. ↑ "Paychex acquires HR Outsourcing, Inc". RochesterFirst. August 21, 2017.
  22. ↑ Fanelli, Gino (March 1, 2018). "Paychex acquires Lessor Group". Rochester Business Journal.
  23. ↑ "Paychex Acquires Oasis Outsourcing for $1.2 Billion" . The Wall Street Journal . December 21, 2018.
  24. ↑ Prang, Allison (November 26, 2018). "Paychex to Buy Human-Resources Firm Oasis for $1.2 Billion". The Wall Street Journal.
  25. ↑ "Paychex to buy outsourcing firm Oasis for $1.2 billion". Reuters. November 26, 2018.
  26. ↑ "Oasis Outsourcing to be acquired by PayChex". South Florida Business Journal.
  27. ↑ Karol, Gabrielle (January 9, 2016). "Paychex, IHS Launch Small Business Jobs Index". FOXBusiness. Retrieved September 5, 2020.
  28. ↑ "Small Business Employment Watch provided by Paychex | IHS Markit". www.paychex.com. Retrieved September 5, 2020.[ self-published source ]
  29. ↑ Carney, John (June 30, 2015). "Don't Look for Paychex to Bounce". The Wall Street Journal. Retrieved September 5, 2020.
  30. ↑ 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.
  31. ↑ Sumser, John. "The HRExaminer 2020 Watchlist: Paychex – Payroll and Basic HR Services | HR Examiner" . Retrieved September 9, 2020.
  32. ↑ "Paychex". Fortune. Retrieved September 9, 2020.
  33. 1 2 "Paychex (PAYX)". Forbes. Retrieved September 9, 2020.
  34. ↑ "Honorees 2020". Ethisphere® Institute | Good. Smart. Business. Profit.®. Retrieved September 9, 2020.
  35. ↑ "Top Workplaces | The Democrat and Chronicle". Top Workplaces. Retrieved September 9, 2020.
  36. ↑ Roth, Audrey (June 8, 2016). "2016 TekTonic Award Winners". HRO Today. Retrieved September 9, 2020.
  37. ↑ "Paychex Names John Gibson As New CEO; Martin Mucci To Remain As Chairman". Nasdaq. Retrieved June 23, 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.