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Paychex

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Paychex, Inc.
Company typePublic
Industry
Founded1971; 53 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 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]
Hawthorne Benefit Technologies 2007 Undisclosed [13]
SurePayroll, Inc. 2010 $115 million [14]
ePlan Services, Inc. 2011 Undisclosed [15]
Icon Time Systems 2012 Undisclosed [16]
ExpenseWire 2012 Undisclosed [17]
myStaffingPro 2013 Undisclosed [18]
NETtime solutions 2014 Undisclosed [19]
Advance Partners 2015 Undisclosed [20]
Human Resources Outsourcing, Inc. 2017 Undisclosed [21]
Lessor Group 2018 Undisclosed [22]
Oasis 2018 $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

  • Paychex named to HR Examiner's 2020 Watchlist for the use of AI in HR[31]
  • In 2019, Paychex was named to the FORTUNE list of Future 50 companies[32]
  • Paychex was listed as number 211 on Forbes 2019 list of the World's Best[33]
  • In 2018, Paychex was named one of the World's Most Ethical Companies by Ethisphere for an 11th time[34]
  • In 2018, Forbes placed Paychex at number 76 on their list of the World's Most Innovative Companies[33]
  • Rochester Democrat and Chronicle named Paychex one of the Best Places to Work in Rochester in 2016[35]
  • Paychex Flex received the 2016 TekTonic Award from HRO Magazine for being a best-in-class mobile and cloud-based technology suite[36]

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[37]

References

  1. ^ a b c "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 StoryArchived 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. ^ a b "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.
  • Official website
  • Business data for Paychex, Inc.:
  • Wolfram Alpha Fundamentals & Financials
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