Paychex

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]

Paychex, Inc.

Headquarters in Rochester, New York
Company type	Public
Traded as	Nasdaq: PAYX Nasdaq-100 component S&P 500 component
Industry	Business process outsourcing Human capital management
Founded	1971; 54 years ago (1971)
Founder	B. Thomas Golisano
Headquarters	Rochester, New York, U.S.
Area served	United States Brazil Denmark Germany Norway Sweden
Key people	B. Thomas Golisano (chairman) John Gibson (president & CEO) Robert Schrader (CFO)
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 [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 (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.^{[citation needed][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]