Paychex

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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 (ticker symbol: PAYX) 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][13]
Hawthorne Benefit Technologies 2007 Undisclosed [14]
SurePayroll, Inc. 2010 $115 million [15]
ePlan Services, Inc. 2011 Undisclosed [16][17]
Icon Time Systems 2012 Undisclosed [18]
ExpenseWire 2012 Undisclosed [19]
myStaffingPro 2013 Undisclosed [20]
NETtime solutions 2014 Undisclosed [21]
Advance Partners 2015 Undisclosed [22]
Human Resources Outsourcing, Inc. 2017 Undisclosed [23]
Lessor Group 2018 Undisclosed [24]
Oasis 2018 $1.2 billion [25][26][27][28]
Paycor 2025 $4.1 billion [29][30][31]

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.[32] 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.Script error: No such module "Unsubst".[33] The Employment Watch is frequently used by financial experts, analysts, and journalists assessing the economic outlook.[34] 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.[35]

Awards and honors

  • Paychex named to HR Examiner's 2020 Watchlist for the use of AI in HR[36]
  • In 2019, Paychex was named to the FORTUNE list of Future 50 companies[37]
  • Paychex was listed as number 211 on Forbes 2019 list of the World's Best[38]
  • In 2018, Paychex was named one of the World's Most Ethical Companies by Ethisphere for an 11th time[39]
  • In 2018, Forbes placed Paychex at number 76 on their list of the World's Most Innovative Companies[38]
  • Rochester Democrat and Chronicle named Paychex one of the Best Places to Work in Rochester in 2016[40]
  • Paychex Flex received the 2016 TekTonic Award from HRO Magazine for being a best-in-class mobile and cloud-based technology suite[41]

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[42][43]

References

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External links

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