About the Company
Paychex was set up in 1971 by Tom Golisano with an initial investment amount of 3,000 USD. The company started out as providing payroll solutions for small-time businesses. Eventually, it grew to 18 franchises and partnerships which came under one umbrella of Paychex. The company has its headquarters in Rochester, New York and operates over 100 offices. They serve over 6,80,000 clients across the US and Europe. The initial public offering was opened in 1983, and it has a ticker symbol of PAYX on the NASDAQ.
The company provides many services like Payroll, Business Insurance, Time and Attendance, and Employee Benefits. Under the umbrella of Payroll, Paychex offers customers of small and medium-sized businesses with payroll services and the option of online payroll. Also, it provides Group Health Insurance and Retirement Services. They offer HR services like Onboarding, Hiring Services and PEO. Lastly, they provide business Insurance to cover Workers’ Compensation, General Liability and Cyber Liability.
The company has undergone many acquisitions during its 50-year history. They acquired Pay-Fone and Payday in 1995. In 1996 Paychex acquired Olsen Computer Systems Inc. and National Business Solutions. Advantage Payroll Services Inc. was taken over in 2002. 2003 saw the company take InterPay Inc. and Time In A Box product line from Stromberg. Stromberg itself was acquired in 2004. The next acquisition for an undisclosed sum was Hawthorne Benefit Technologies Inc. 2010 saw Paychex take over SurePayroll Inc. and ePlan Services in 2011. The following year the company bought Icon Time Systems and ExpenseWire. The other acquisitions include myStaffingPro (2013), NETtimeSolutions (2014), Advance Partners (2015), Human Resources Outsourcing Inc. (2017), Lessor Group and Oasis (2018).
Paychex has also been awarded multiple times and at numerous forums. Some of the major awards include an honourable mention in the HR Examiner’s 2020 Watchlist, in 2019 it was named in the Fortune’s list of Future 50 companies. In 2019 Forbes ranked Paychex at 211 among the World’s Best Companies. Back in 2018, Forbes had also placed Paychex at 76 on their list of World’s Most Innovative Companies.;
Organisation | Paychex Inc |
Industry | Staffing & Employment Services |
HeadQuarters | Rochester, NY |