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,[2] 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.[3]
History
Paychex was founded in 1971 by Tom Golisano, who started the company with only $3,000.[4][5]
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.[6][7]
Paychex acquired Pay-Fone in 1995.[8] In 1996, the company acquired Olsen Computer Systems[9] and National Business Systems.[10]
Between 2002 and 2003, it acquired Advantage Payroll Services,[11] Interpay,[12] and Time in a Box,[13] followed by Time in a Box's parent Stromberg in 2004.[14][15]
The company purchased Hawthorne Benefit Technologies in 2007,[16], SurePayroll, Inc. in 2010,[17] and ePlan Services in 2011.[18][19] It Icon Time Systems[20] and ExpenseWire in 2012 for an undisclosed amount.[21] Between 2013 and 2017, it purchased myStaffingPro[22] NETtime solutions[23] Advance Partners,[24] and Human Resources Outsourcing, Inc.[25]
Rochester Democrat and Chronicle named Paychex one of the Best Places to Work in Rochester in 2016.[26]
It acquired Lessor Group 2018.[27] That year it also acquired Oasis for a reported $1.2 billion.[28][29][30][31]
In 2019, Paychex was named to the Fortune list of Future 50 companies.[32]
John Gibson has been CEO of Paychex since October 2022.[33][34]
The company generated $5.2 billion in revenue and $13 billion in assets in 2024.[2]
In 2025, it acquired Paycor for $4.1 billion[35][36][37]
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.[38] The IHS Markit Small Business Employment Watch shares small business jobs data beginning 2005 and wage data from 2011.Script error: No such module "Unsubst".[39] The Employment Watch is frequently used by financial experts, analysts, and journalists assessing the economic outlook.[40]
References
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External links
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