Paychex

Last updated

Paychex, Inc.
Type Public company
Industry
Founded1971;53 years ago (1971)
Founder B. Thomas Golisano
Headquarters Rochester, New York, U.S.
Area served
  • United States
  • Brazil
  • Denmark
  • Germany
  • Norway
  • Sweden
Key people
  • B. Thomas Golisano (chairman)
  • Martin Mucci (president & CEO)
  • Efrain Rivera (senior VP & CFO)
ServicesPayroll and HR services
RevenueIncrease2.svg US$4.61 billion (2022)
Increase2.svg US$1.84 billion (2022)
Increase2.svg US$1.39 billion (2022)
Total assets Increase2.svg US$9.64 billion (2022)
Total equity Increase2.svg US$3.09 billion (2022)
Number of employees
c. 16,000 (2022)
Website paychex.com
Footnotes /references
[1]

Paychex, Inc., headquartered in Rochester, New York, is a provider of human resources, payroll, and employee benefits outsourcing services for small- to medium-sized businesses. [1] 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]

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References

  1. 1 2 3 "Paychex, Inc. Annual Form 10-K". U.S. Securities and Exchange Commission.
  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. ↑ "Paychex Acquires ExpenseWire" (Press release). Business Wire. December 3, 2012.
  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.
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