 | |
 Headquarters in Rochester, New York | |
| Company type | Public |
|---|---|
| Traded as |
|
| Industry | |
| Founded | 1971; 54 years ago (1971) |
| Founder | B. Thomas Golisano |
| Headquarters | Rochester, New York, U.S. |
| Area served |
|
| Key people |
|
| Services | Payroll and HR services |
| Revenue |  US$5.278 billion (2024) |
| Operating income | US$2.174 billion (2024) |
| Net income | US$1.690 billion (2024) |
| Total assets |  US$10.38 billion (2024) |
| Total equity | US$3.801 billion (2024) |
| Number of employees | c. 16,500 (2024) |
| Website | paychex.com |
| Footnotes / references | |
Paychex, Inc. is an American company that provides human resources, payroll, and employee benefits outsourcing services for small- to medium-sized businesses. 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. Paychex is ranked 681st on the Fortune 500 list of largest corporations by revenue.
History
Paychex was founded in 1971 by Tom Golisano, who started the company with only $3,000.
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.
Acquisitions
| Company | Year | Price | Ref(s) |
|---|---|---|---|
| Pay-Fone | 1995 | Undisclosed | |
| Payday | 1995 | Undisclosed | |
| Olsen Computer Systems, Inc. | 1996 | Undisclosed | |
| National Business Solutions | 1996 | $142.5 million | |
| Advantage Payroll Services, Inc. | 2002 | $240 million | |
| InterPay Inc. | 2003 | $155 million | |
| Time In A Box product from Stromberg | 2003 | Undisclosed | |
| Stromberg | 2004 | Undisclosed | |
| Hawthorne Benefit Technologies | 2007 | Undisclosed | |
| SurePayroll, Inc. | 2010 | $115 million | |
| ePlan Services, Inc. | 2011 | Undisclosed | |
| Icon Time Systems | 2012 | Undisclosed | |
| ExpenseWire | 2012 | Undisclosed | |
| myStaffingPro | 2013 | Undisclosed | |
| NETtime solutions | 2014 | Undisclosed | |
| Advance Partners | 2015 | Undisclosed | |
| Human Resources Outsourcing, Inc. | 2017 | Undisclosed | |
| Lessor Group | 2018 | Undisclosed | |
| Oasis | 2018 | $1.2 billion |
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. 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. The Employment Watch is frequently used by financial experts, analysts, and journalists assessing the economic outlook. 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.
Awards and honors
- Paychex named to HR Examiner's 2020 Watchlist for the use of AI in HR
- In 2019, Paychex was named to the FORTUNE list of Future 50 companies
- Paychex was listed as number 211 on Forbes 2019 list of the World's Best
- In 2018, Paychex was named one of the World's Most Ethical Companies by Ethisphere for an 11th time
- 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
- Paychex Flex received the 2016 TekTonic Award from HRO Magazine for being a best-in-class mobile and cloud-based technology suite
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 |
References
- ^ "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.
- 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.
- ^ "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
