Corporate News Blog - Paychex Acquires Professional Employer Organization HR Outsourcing
Research Desk Line-up: Zhaopin Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 24, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Paychex, Inc. (NASDAQ: PAYX), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=PAYX. The Company announced on August 21, 2017, that it has entered into a definitive agreement to acquire HR Outsourcing, Inc. ("HROI"), and all of its operating subsidiaries for an undisclosed amount. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Following the completion of the acquisition, around 140 employees of HROI, along with the leadership team, will be offered the opportunity to become Paychex employees.
Transaction Likely to Expand Paychex's Leadership Position in HR Outsourcing Business
Martin Mucci, President and Chief Executive Officer of Paychex, mentioned that this acquisition represents Paychex's continued focus on growth, both in terms of revenue and in professional employer organization (PEO) solutions for its clients. The combination of Paychex's experience, knowledge, and resources along with the experience and fast-paced growth of HROI, positions the Company to have an even stronger presence in the industry. Martin added that Paychex is excited about the HROI team joining the Paychex family. Both the companies have a shared commitment to the PEO business, and providing human resource solutions, and hence will maximize the opportunities in the marketplace while continuing to provide exceptional service to the combined client bases.
Acquisition Supports Paychex's Expansion of its PEO Capabilities
Commenting on the acquisition, Anthony Danon, President and Chief Operating Officer of HROI, expressed his excitement about becoming part of Paychex. Anthony believes that with the support, scale, and resources of Paychex, HROI can accelerate the growth of the combined HR solutions and enhance the offerings to best serve current and future clients. He further added that both the Companies share a common vision and PEO view, and that Paychex has great respect for the comprehensive PEO solutions that HROI has built, and for its culture and team.
Paychex's Recent Partnership
On August 08, 2017, Paychex announced a partnership with the Latino Tax Professionals Association ("LTPA"), pursuant to which LTPA designated Paychex the preferred provider of payroll and HR services for the organization and its members. The partnership furthered Paychex's ongoing commitment to supporting the Hispanic accounting community with Spanish-language tools and resources.
About Professional Employer Organization
A PEO is a firm that provides a service under which an employer can outsource employee management tasks such as employee benefits, payroll, and workers' compensations, recruiting, risk/safety management, and training and development. A PEO works through a co-employment arrangement which means that the PEO contractually shares certain employer responsibilities with the company.
About Paychex, Inc.
Founded in 1971 by B. Thomas Golisano, Paychex is a recognized leader in the payroll, human resource, and benefits outsourcing industry. Based in Rochester, New York, the Company offers a wide range of services, including payroll processing, retirement services, insurance, and a fully outsourced human resource solution, and customizes its offerings to the client's business, irrespective of its size. Paychex currently serves more than one-million worksite employees across its suite of HR outsourcing solutions.
About HR Outsourcing, Inc.
Incorporated in 2001, HROI is a PEO that develops HR solutions tailored to clients' business objectives and employee needs, including HRIS, employee benefits, workers' compensation, and HR consulting and compliance. HROI draws on its extensive portfolio of HR products and services to build custom solutions that optimize HR operations for businesses across the United States.
Last Close Stock Review
At the close of trading session on Wednesday, August 23, 2017, Paychex's stock price was slightly down 0.61% to end the day at $55.77. A total volume of 1.30 million shares were exchanged during the session. The Company's shares are trading at a PE ratio of 24.74 and have a dividend yield of 3.59%. At Wednesday's closing price, the stock's net capitalization stands at $20.04 billion.
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