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]
 | |
 Headquarters in Rochester, New York | |
| Company type | Public |
|---|---|
| |
| Industry | |
| Founded | 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) |
| US$2.174 billion (2024) | |
| 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 |
| 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 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] |
| Hawthorne Benefit Technologies | 2007 | Undisclosed | [13] |
| SurePayroll, Inc. | 2010 | $115 million | [14] |
| ePlan Services, Inc. | 2011 | Undisclosed | [15] |
| Icon Time Systems | 2012 | Undisclosed | [16] |
| ExpenseWire | 2012 | Undisclosed | [17] |
| myStaffingPro | 2013 | Undisclosed | [18] |
| NETtime solutions | 2014 | Undisclosed | [19] |
| Advance Partners | 2015 | Undisclosed | [20] |
| Human Resources Outsourcing, Inc. | 2017 | Undisclosed | [21] |
| Lessor Group | 2018 | Undisclosed | [22] |
| Oasis | 2018 | $1.2 billion | [23][24][25][26] |
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.[27] 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][28] The Employment Watch is frequently used by financial experts, analysts, and journalists assessing the economic outlook.[29] 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.[30]
Awards and honors
- Paychex named to HR Examiner's 2020 Watchlist for the use of AI in HR[31]
- In 2019, Paychex was named to the FORTUNE list of Future 50 companies[32]
- Paychex was listed as number 211 on Forbes 2019 list of the World's Best[33]
- In 2018, Paychex was named one of the World's Most Ethical Companies by Ethisphere for an 11th time[34]
- In 2018, Forbes placed Paychex at number 76 on their list of the World's Most Innovative Companies[33]
- Rochester Democrat and Chronicle named Paychex one of the Best Places to Work in Rochester in 2016[35]
- Paychex Flex received the 2016 TekTonic Award from HRO Magazine for being a best-in-class mobile and cloud-based technology suite[36]
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[37] |
References
External links
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