Paychex, Inc. is a recognized leader in the payroll, human resource, and benefits outsourcing industry, with a steadfast commitment to success and a record of achievement that continues a tradition of delivering excellence.
When Was Paychex Founded?
The company was founded in 1971 by B. Thomas Golisano with just $3,000 and a good idea – to make payroll outsourcing easy and affordable for small businesses. From those early days with just one employee, Paychex now has more than 14,000 employees serving more than half a million small- to medium-sized businesses nationwide.
What Does Paychex Do?
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of integrated human capital management solutions for payroll, benefits, human resources, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex served more than 680,000 payroll clients as of May 31, 2020 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.
Many payroll processors were ignoring a huge potential market - the 98 percent of American businesses with fewer than 100 employees. In 1971, B. Thomas Golisano took advantage of this opportunity, and with $3,000, one employee, and 40 clients, he founded a new company in Rochester, NY called Paymaster - soon to be Paychex, to provide payroll to small- to-medium sized businesses.
Paychex quickly expanded beyond Rochester to include 18 franchises and partnerships, which in 1979 were consolidated into one privately-held company.
Just four years after consolidation, Paychex became a publicly held company and constructed a new corporate headquarters at 911 Panorama Trail South in Rochester, NY.
Began a long and proud partnership with professional golfer Jeff Sluman, who started sporting the Paychex logo on the course in a sports marketing agreement. Jeff's 1986 season included 7 top-10 finishes in 36 PGA events.
Expanded beyond payroll services for the first time, introducing its Benefits Services division.
Paychex-sponsored golfer Jeff Sluman won the PGA Championship at Oak Tree Golf Course in Oklahoma.
Personnel Services division launches.
Broke ground on a 107,000 square-foot addition to corporate headquarters-doubling the size of the building.
Taxpay® launches, allowing clients to outsource tax payments and returns along with their payroll.
Paychex reached 100,000 clients.
Taxpay® service continues to grow with more than 7,000 clients on the new service, providing the payment of payroll and taxes and automatic filing of payroll tax returns.
Paychex grew to 120,000 clients.
Human Resource Services is launched-offering products and services including employee handbooks, insurance, employee evaluation and testing tools, and section 125 plans.
Paychex celebrates its 20th anniversary.
Paychex was named to Standard & Poor's Mid-Cap 400.
Direct Deposit service was offered to Paychex Taxpay® clients as a simple and effective way to save payroll processing costs.
Paychex Board of Directors approved Dividend Reinvestment Stock Purchase Plan.
Introduced Paylink® Payroll Software to assist clients with in-house payroll processing.
Taxpay® division reached 50,000 clients.
Joined the NASDAQ-100 Index®, comprised of 100 of the largest non-financial stocks listed on the NASDAQ Stock Market.
Acquired two California companies - Pay-Fone and Payday.
401(k) Recordkeeping was now offered through the Human Resource Services Division.
Taxpay® division reached 100,000 clients.
Paychex reached 210,000 clients.
Expanded its large business portfolio and experience by acquiring Olsen Computer Systems, Inc. and National Business Solutions.
Major Market Services was introduced to businesses with 50 or more employees, providing comprehensive payroll and human resource solutions for medium and large businesses across the United States.
Paychex celebrated its 25th anniversary.
Paychex Insurance Agency is launched. Initially offering only workers' compensation insurance, it expanded to include health & benefits and business insurance as well. Paychex Insurance Agency will eventually represent over 100,000 clients nationwide and rank among the top 30 agencies in the U.S., according to Business Insurance magazine.
Sponsored the Scandia Bodine Racing team's 1998 NASCAR Winston Cup campaign, with Brett Bodine driving the no. 11 Paychex Ford.
Paychex Board of Directors declared its eighth 3-for-2 stock split.
Paychex again sponsored the Brett Bodine Racing team's 1999 NASCAR Winston Cup campaign.
Acquired Advantage Payroll Services, Inc., a privately owned payroll processor with a national network of 41 offices serving small- to mid-sized businesses throughout the U.S. The merger added more than 49,000 new clients.
Paychex reached 390,000 clients.
The American Institute of Certified Public Accountants (AICPA) Business Solutions Program selected Paychex as its preferred payroll provider. This CPA partnership program helps strengthen the relationship between CPAs and their clients.
Acquired InterPay, Inc., a national payroll and human resource administrative services provider focused on small- to medium-sized clients in 49 states. The merger added 33,000 new clients.
Opened new offices in Chattanooga, TN; Greenville, SC; Lexington, KY; and Wilmington, NC.
Acquired the Time In A Box® product from Stromberg, a market leader in time and attendance and employee management solutions.
Paychex reached 490,000 clients.
Paychex founder B. Thomas Golisano retired from his position as president and CEO; long-time IBM executive Jonathan J. Judge was named as his successor. Tom remained chairman of the Paychex Board of Directors.
Announced the acquisition of Stromberg, a market leader in time and attendance software solutions for mid- to large-sized businesses. Stromberg's suite of labor management products includes time and attendance, employee self-serve, scheduling, and more.
Paychex Major Market Services reached 25,000 clients.
Paychex reached 505,000 clients.
Processed, printed, and mailed more than 270,000 disaster relief checks for victims of Hurricane Katrina in Louisiana. Paychex partnered with the American Red Cross and Hibernia National Bank for this six-week program.
Launched Accountant Advisory Boards in Boston, MA; Atlanta, GA; and Orange County, CA. The new initiative expanded Paychex's long-time partnership with accounting professionals and offered a new forum to gain valuable input on ways to best meet the needs of CPAs and their clients.
The Paychex Partner Program from AICPA Business Solutions was expanded to include not only Paychex Payroll offers, but also Paychex 401(k) Recordkeeping Services and Major Market Services offers. This program benefits CPAs by providing unique value opportunities intended to enhance their client relationships.
Added Paychex Premier® Human Resources to its growing suite of HR products and services. This comprehensive human resource outsourcing solution offers full payroll and HR administration services with the expert support of an on-site Human Resource Representative.
Health Savings Accounts (HSAs) were added to the Paychex product line as a tool for employers and employees to pay for current and future qualified medical expenses on a tax-free basis.
Paychex Administrative Services reached 5,000 clients.
Paychex reached 522,000 clients.
Signs a lifetime sponsorship contract with six-time PGA winner Jeff Sluman while recognizing the 20th anniversary of the partnership between Paychex and the pro golfer. The partnership is one of the longest-running corporate sponsorships on the PGA Tour today.
AICPA Business Solutions Partnership Extended
Paychex reached 543,000 clients.
Acquires Hawthorne Benefit Technologies, Inc. and BeneTrac, the company's online employee benefits management and administration system.
Signs a two-year sponsorship agreement with professional golfer Danielle Downey.
Named a Preferred Payroll Provider for the National Association of Enrolled Agents (NAEA).
In July, the Board of Directors declared a 43% increase in the company's regular quarterly dividend â€“ going from $.21 per share to $.30 per share. Paychex also announced its intention to repurchase up to $1.0 billion of its common stock.
Introduced its new Tax Credit Services, a product that provides small and medium-sized businesses across the United States with an easy and cost-effective tool, to help them identify and apply for wage-based tax credits that they may be eligible to receive.
Paychex reached 561,000 clients..
Announced the sale of Stromberg, a time and attendance company serving mid- to large-sized businesses, to Kronos Incorporated, a global leader in workforce management solutions.
Time and attendance product expanded with the addition of Time and Labor Online, an Internet-based time and labor management system that gives businesses an easy and cost-effective way to automate time and attendance processes.
Martin Mucci named president and chief executive officer, succeeding Jonathan J. Judge, who resigned in July 2010.
Acquires SurePayroll, Inc., the nation's leading provider of online payroll processing for small businesses.
Paychex acquires ePlan Services, Inc., a provider of recordkeeping and administrative solutions to the defined contribution marketplace.
Paychex CFO John Morphy retires and is succeeded by Efrain Rivera.
Paychex and CPA2Biz extend their long-standing strategic alliance to September 2016; Paychex is the preferred provider of payroll and retirement services for AICPA members and their clients.
Appointed four new vice presidents: Andrew B. Childs, vice president of marketing; Laurie L. Zaucha, vice president of human resources and organizational development; Mark Bottini, senior vice president of sales; and Sanjay Hiranandani, vice president of information technology operations.
Paychex expands its Software as a Service (SaaS) product offerings for clients with the launch of the Paychex Online Mobile application for the Apple® iPad®.
Paychex launches www.BuildMyBiz.com, a website to help entrepreneurs start, grow, and manage a business.
Paychex celebrates its 40th anniversary at NASDAQ.
Paychex introduces HR Essentials, a human resource offering that offers expert support over the phone or online.
Paychex reaches 564,000 clients nationwide.
Paychex expands its retirement services offering to fee-based financial advisors with Paychex Advisor Select 401(k).
Paychex introduces its Business Insurance Payment Service, which is available for business owner, commercial auto, and umbrella policies sold by Paychex Insurance Agency through The Hartford, Guard Insurance Group, and Travelers insurance companies.
The launch of Paychex Mobile for iPhone®, Android™, and BlackBerry® provides clients powerful tools for instant management and increased productivity with access to personal payroll, benefits, and retirement information.
Paychex launches its redesigned Paychex Accountant Knowledge Center, a free online resource with valuable information and time-saving online tools for accounting professionals.
Paychex Report Center gives businesses, accounting professionals, and employees a one-stop-shop for reporting to better manage payroll, benefits, and human resources data.
Paychex partners with SCORE, an organization dedicated to mentoring America's small businesses.
Paychex reaches 567,000 clients nationwide.
Paychex acquires myStaffingPro, an SaaS-based applicant tracking system.
Paychex announces a new software-as-a-service (SaaS) platform that combines innovative technology with superior customer service to provide human resource administrators with a streamlined and integrated approach to workforce management.
Paychex and Paulo-based Semco Partners enter a joint venture agreement to expand Paychex's services into Brazil.
Paychex launches Paychex Accounting Online, a simple, secure cloud accounting application for small businesses.
Paychex helps businesses owners prepare for new requirements mandated by Affordable Care Act with the launch of the Paychex Employer Shared Responsibility Service.
Paychex reaches 570,000 clients nationwide.
Paychex acquires nettime solutions, a leading cloud-based time and attendance solutions provider.
Paychex unveils its software-as-a-service platform and newly expanded service offering, Paychex Flex, which delivers seamless access to payroll, HR, and benefits information for a streamlined and integrated approach to workforce management. The platform offers a unique blend of customer service options and robust software driven by a simple, yet powerful user experience that spans desktop and mobile applications to drive efficiency and performance across an organization.
Paychex partners with IHS, Inc., a leading global source of critical information and insight, to launch the Paychex | IHS Small Business Jobs Index, a monthly index examining the state of small business employment in the U.S.
Paychex launches Paychex Payment Processing Services, a full suite of payment processing solutions, including credit and debit card processing, mobile and online payment services, and point-of-sale (POS) solutions, designed to meet the evolving needs of small businesses.
Paychex reaches 580,000 clients nationwide.
Paychex eclipses 590,000 clients nationwide.
Paychex's award-winning applicant tracking system, myStaffingPro, surpasses the 1,000 client threshold.
Paychex acquires Advance Partners, a leading provider of integrated financial, operational, and strategic services to support independent staffing firms.
Paychex announces Paychex Flex Time and Paychex Flex Benefits Administration, two new modules for its human capital management platform, Paychex Flex.
Paychex announces the expansion of offerings available through the Paychex Insurance Agency Personal Marketplace.
Paychex introduces Paychex Flex Hiring, giving employers access to recruiting, onboarding, and employee screening functions through the Paychex Flex platform for a seamless flow of information and data across the human capital management spectrum.
Paychex reaches 605,000 clients.
Paychex announces powerful enhancements to the analytics available through Paychex Flex®, meeting the demands of HR leaders looking for quick answers and the ability to make informed decisions.
To meet the demands of a more mobile workforce, Paychex announces a shift to a mobile-first design of its HCM suite, Paychex Flex®.
CPA.com and Paychex announce an expanded program to help CPAs broaden their advisory role in human resources.
Paychex now serves more than one million worksite employees, the most among human resource service providers for small and mid-sized businesses.
Paychex announces the expansion of its time and attendance portfolio to include Paychex Flex® Time Essentials and Paychex's TrueShift™ Time Clock.
The Paychex | IHS Small Business Jobs Index expands to include monthly reporting on wage data. With the enhancement comes a new name, the Paychex | IHS Markit Small Business Employment Watch.
Paychex expands its portfolio of partners and solutions that provide investment and administrative fiduciary protection to 401(k) plan sponsors.
Subsidiaries of Paychex Business Solutions are among the first entities certified by the IRS to provide professional employer organization services under the Small Business Efficiency Act.
Paychex acquires HROI, a leading PEO, offering outsourced employee benefits, HR services, and payroll.
Paychex streamlines the process for paying tipped employees by offering Netspend’s Tip Network, which allows restaurants to track employees’ tips, calculate tip sharing and pooling amounts, and distribute tips electronically at the end of a shift.
Paychex launches Paychex Promise, a subscription-based service that delivers peace of mind to business owners by providing protection against payroll interruptions and solutions to address the routine challenges of running a successful business.
Paychex introduces Paychex Learning, a web-based learning management system that provides employers with a simple and affordable learning tool. With Paychex Learning, employers can foster a learning environment that provides employees with the real-time skills development that is key to retention.
In March 2018, Paychex acquired Lessor Group, a market-leading provider of payroll and human capital management (HCM) software solutions headquartered in Denmark and serving clients in Northern Europe.
In December 2018, Paychex completed its acquisition of Oasis Outsourcing, the largest privately owned PEO in the U.S., strengthening Paychex’s HR outsourcing and technology-enabled leadership position.
Paychex reaches 650,000 clients.
Paychex rolls out enhancements to its Paychex Flex platform, delivering performance management capabilities, workflow approvals, real-time analytics, and a configurable events calendar to customers.
Paychex and the Monroe County Sheriff’s Office in Rochester, New York partner to launch a training program to address violence in the workplace. A new video is designed to help people know the steps to take to prepare for, survive, and minimize the impact of an act of violence in the workplace.
Paychex helps business owners mitigate the potential financial impact of data breaches, hackers, ransomware, and online banking fraud by making cyber liability protection available to its clients. Coverage is provided through Paychex Insurance Agency and AXIS Insurance Company.
Paychex Flex Time users can now track time worked via their smartwatch, including clocking in and out for a shift, break, and meals with a simple tap of the smartwatch.
Paychex reaches 680,000 clients.
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