Paychex Explained
| Paychex, Inc. |
| Type: | Public |
| Location: | Rochester, New York, U.S. |
| Services: | Payroll and HR services |
| Num Employees Year: | 2024 |
| Footnotes: | [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.[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
- 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
- Web site: Paychex, Inc. Annual Form 10-K . . July 11, 2024.
- News: Paychex . Fortune . subscription.
- "Golisano Built Paychex into a Success Story." Rochester Business Journal.
- Web site: Paychex, Inc. (PAYX) Company Profile & Facts – Yahoo Finance . finance.yahoo.com . 31 August 2020.
- Web site: History of Paychex, Inc. – FundingUniverse . www.fundinguniverse.com . 31 August 2020.
- News: Servicers . 31 August 2020 . Forbes . en.
- News: Paychex Acquires Olsen . . 22 November 1996 . limited.
- News: Company News;paychex Plans to Buy National Business Solutions . . 26 June 1996.
- News: Company News; Paychex to Buy Advantage Payroll for $240 Million . . . 19 September 2002 . limited.
- Web site: Paychex to acquire rival InterPay . . March 17, 2003 . subscription.
- News: Paychex Acquires Product Line From Stromberg . Accounting Today . 17 October 2003 .
- Web site: Paychex Completes Acquisition of Stromberg . Accounting Today . 14 April 2004.
- News: Paychex announces acquisition of BeneTrac . Reuters . 13 September 2007 .
- News: Yue . Lorene . SurePayroll bought by rival Paychex for $115M . Crain's Chicago Business . 13 December 2010 .
- News: Team . Trefis . Paychex Gains From EPlan Deal, But Stock Still Too Rich . Forbes .
- News: Dougherty . Nate . Paychex acquires Icon Time Systems . Rochester Business Journal . 9 January 2012.
- Paychex Acquires ExpenseWire . . December 3, 2012.
- Paychex Announces Acquisition of myStaffingPro . . June 12, 2013.
- News: Team . Trefis . Paychex Expands Its Software-As-A-Service Based Solutions By Acquiring Nettime . Forbes .
- News: Paychex (PAYX) Completes Advance Partners Acquisition . www.nasdaq.com .
- News: Paychex acquires HR Outsourcing, Inc. . RochesterFirst . 21 August 2017.
- News: Fanelli . Gino . Paychex acquires Lessor Group . Rochester Business Journal . 1 March 2018.
- News: Paychex Acquires Oasis Outsourcing for $1.2 Billion . . 21 December 2018 . subscription.
- News: Prang . Allison . Paychex to Buy Human-Resources Firm Oasis for $1.2 Billion . The Wall Street Journal . 26 November 2018.
- News: Paychex to buy outsourcing firm Oasis for $1.2 billion . Reuters . 26 November 2018 .
- News: Oasis Outsourcing to be acquired by PayChex . South Florida Business Journal .
- News: Karol . Gabrielle . Paychex, IHS Launch Small Business Jobs Index . 5 September 2020 . FOXBusiness . 9 January 2016.
- Web site: Small Business Employment Watch provided by Paychex IHS Markit . www.paychex.com . 5 September 2020 . en.
- News: Carney . John . Don't Look for Paychex to Bounce . 5 September 2020 . The Wall Street Journal . 30 June 2015.
- News: Clifford . Tyler . Paychex CEO tells Jim Cramer that small business hiring picked up in September despite slowdown worries . 5 September 2020 . CNBC . 2 October 2019 . en.
- Web site: Sumser . John . The HRExaminer 2020 Watchlist: Paychex – Payroll and Basic HR Services HR Examiner . 9 September 2020.
- News: Paychex . 9 September 2020 . Fortune . en.
- News: Paychex (PAYX) . 9 September 2020 . Forbes . en.
- Web site: Honorees 2020 . Ethisphere® Institute Good. Smart. Business. Profit.® . 9 September 2020.
- Web site: Top Workplaces The Democrat and Chronicle . Top Workplaces . 9 September 2020.
- Web site: Roth . Audrey . 2016 TekTonic Award Winners . HRO Today . 9 September 2020 . 8 June 2016.
- Web site: Paychex Names John Gibson As New CEO; Martin Mucci To Remain As Chairman . Nasdaq . 23 June 2023.
External links
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