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]
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Headquarters in Rochester, New York | |
Company type | Public |
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Industry | |
Founded | 1971 |
Founder | B. Thomas Golisano |
Headquarters | Rochester, New York, U.S. |
Area served |
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Key people |
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Services | Payroll and HR services |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | c. 16,500 (2024) |
Website | paychex |
Footnotes / references [1] |
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
- ^ a b c "Paychex, Inc. Annual Form 10-K". U.S. Securities and Exchange Commission. July 11, 2024.
- ^ "Paychex". Fortune.
- ^ "Golisano Built Paychex into a Success StoryArchived 2016-03-03 at the Wayback Machine." Rochester Business Journal.
- ^ "Paychex, Inc. (PAYX) Company Profile & Facts – Yahoo Finance". finance.yahoo.com. Retrieved August 31, 2020.
- ^ "History of Paychex, Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved August 31, 2020.
- ^ "Servicers". Forbes. Retrieved August 31, 2020.
- ^ "Paychex Acquires Olsen". Los Angeles Times. November 22, 1996.
- ^ "Company News;paychex Plans to Buy National Business Solutions". The New York Times. June 26, 1996.
- ^ "Company News; Paychex to Buy Advantage Payroll for $240 Million". The New York Times. Bloomberg News. September 19, 2002.
- ^ "Paychex to acquire rival InterPay". American City Business Journals. March 17, 2003.
- ^ "Paychex Acquires Product Line From Stromberg". Accounting Today. October 17, 2003.
- ^ "Paychex Completes Acquisition of Stromberg". Accounting Today. April 14, 2004.
- ^ "Paychex announces acquisition of BeneTrac". Reuters. September 13, 2007.
- ^ Yue, Lorene (December 13, 2010). "SurePayroll bought by rival Paychex for $115M". Crain's Chicago Business.
- ^ Team, Trefis. "Paychex Gains From EPlan Deal, But Stock Still Too Rich". Forbes.
- ^ Dougherty, Nate (January 9, 2012). "Paychex acquires Icon Time Systems". Rochester Business Journal.
- ^ "Paychex Acquires ExpenseWire" (Press release). Business Wire. December 3, 2012.
- ^ "Paychex Announces Acquisition of myStaffingPro" (Press release). Business Wire. June 12, 2013.
- ^ Team, Trefis. "Paychex Expands Its Software-As-A-Service Based Solutions By Acquiring Nettime". Forbes.
- ^ "Paychex (PAYX) Completes Advance Partners Acquisition". www.nasdaq.com.
- ^ "Paychex acquires HR Outsourcing, Inc". RochesterFirst. August 21, 2017.
- ^ Fanelli, Gino (March 1, 2018). "Paychex acquires Lessor Group". Rochester Business Journal.
- ^ "Paychex Acquires Oasis Outsourcing for $1.2 Billion". The Wall Street Journal. December 21, 2018.
- ^ Prang, Allison (November 26, 2018). "Paychex to Buy Human-Resources Firm Oasis for $1.2 Billion". The Wall Street Journal.
- ^ "Paychex to buy outsourcing firm Oasis for $1.2 billion". Reuters. November 26, 2018.
- ^ "Oasis Outsourcing to be acquired by PayChex". South Florida Business Journal.
- ^ Karol, Gabrielle (January 9, 2016). "Paychex, IHS Launch Small Business Jobs Index". FOXBusiness. Retrieved September 5, 2020.
- ^ "Small Business Employment Watch provided by Paychex | IHS Markit". www.paychex.com. Retrieved September 5, 2020.[self-published source]
- ^ Carney, John (June 30, 2015). "Don't Look for Paychex to Bounce". The Wall Street Journal. Retrieved September 5, 2020.
- ^ 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.
- ^ Sumser, John. "The HRExaminer 2020 Watchlist: Paychex – Payroll and Basic HR Services | HR Examiner". Retrieved September 9, 2020.
- ^ "Paychex". Fortune. Retrieved September 9, 2020.
- ^ a b "Paychex (PAYX)". Forbes. Retrieved September 9, 2020.
- ^ "Honorees 2020". Ethisphere® Institute | Good. Smart. Business. Profit.®. Retrieved September 9, 2020.
- ^ "Top Workplaces | The Democrat and Chronicle". Top Workplaces. Retrieved September 9, 2020.
- ^ Roth, Audrey (June 8, 2016). "2016 TekTonic Award Winners". HRO Today. Retrieved September 9, 2020.
- ^ "Paychex Names John Gibson As New CEO; Martin Mucci To Remain As Chairman". Nasdaq. Retrieved June 23, 2023.
External links
- Official website
- Business data for Paychex, Inc.:
- Wolfram Alpha Fundamentals & Financials