Paychex, Inc. is an American provider of
human resource,
payroll
A payroll is the list of employees of some company that is entitled to receive payments as well as other work benefits and the amounts that each should receive. Along with the amounts that each employee should receive for time worked or tasks pe ...
, and
benefits
Benefit or benefits may refer to:
Arts, entertainment and media
* ''Benefit'' (album), by Jethro Tull, 1970
* "Benefits" (''How I Met Your Mother''), a 2009 TV episode
* '' The Benefit'', a 2012 Egyptian action film
Businesses and organisatio ...
outsourcing services for small- to medium-sized businesses. With headquarters in
Rochester, New York
Rochester () is a city in the U.S. state of New York, the seat of Monroe County, and the fourth-most populous in the state after New York City, Buffalo, and Yonkers, with a population of 211,328 at the 2020 United States census. Located i ...
, the company has more than 100 offices serving approximately 670,000 payroll clients in the U.S. and Europe.
In 2019, Paychex ranked in position 700 on the
Fortune 500
The ''Fortune'' 500 is an annual list compiled and published by '' Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...
list of largest corporations by revenue, and the company's revenue for fiscal year 2020 is projected to exceed $4.1 billion.
History
Paychex was founded in 1971 by
Tom Golisano
Blase Thomas Golisano (born November 14, 1941) is an American billionaire businessman and philanthropist.
He is the founder of Paychex, which offers payroll and human resources services to businesses. Golisano owned Greenlight Networks, a fiber ...
, 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. Paychex held an
initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...
in 1983 and began trading on the
NASDAQ
The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...
(PAYX).
In the first quarter of fiscal year 2020, the company repurchased $171.9 million of its own stock
and currently has a
market capitalization of $30.155 billion.
Acquisitions
Recent acquisitions
In December 2018, Paychex closed on its acquisition of Oasis Outsourcing Acquisition Corporation for $1.2 billion. At the time of the Oasis acquisition, Paychex had 650,000 payroll clients and 14,500 employees. Oasis, a
professional employer organization (PEO) brought 8,400 PEO clients, 1,100 employees, and an annual revenue that exceeded $9 billion in 2017. Following the acquisition of Oasis, Paychex provides HR outsourcing services to 1.4 million worksite employees.
Small Business Employment Watch
Paychex and
IHS Markit
IHS Markit Ltd was an information services provider that completed a merger with S&P Global in 2022. Headquartered in London, it was formed in 2016 with the merger of IHS Inc. and Markit Ltd.
History IHS
Information Handling Services (IHS) "was ...
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
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...
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
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...
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
Rochester may refer to:
Places Australia
* Rochester, Victoria
Canada
* Rochester, Alberta
United Kingdom
*Rochester, Kent
** City of Rochester-upon-Medway (1982–1998), district council area
** History of Rochester, Kent
** HM Prison ...
in 2016
*Paychex Flex received the 2016 TekTonic Award from HRO Magazine for being a best-in-class mobile and cloud-based technology suite
References
External links
*
Wolfram Alpha Fundamentals & Financials
{{City of Rochester, NY
Financial services companies established in 1971
Companies listed on the Nasdaq
Companies based in Monroe County, New York
Business services companies established in 1971
Business services companies of the United States