Paychex
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| Type | Public |
|---|---|
| Traded as | NASDAQ: PAYX S&P 500 Component |
| Industry | Business process outsourcing |
| Founded | 1971 |
| Founder(s) | B. Thomas Golisano |
| Headquarters | Penfield, New York |
| Area served | Continental U.S. and Germany |
| Key people | B. Thomas Golisano, Chairman Martin Mucci, President and CEO John Morphy, CFO[1] |
| Services | Payroll services, tax filing and tax credit services, 401(k) and employee benefits, insurance solutions, HR administration and compliance |
| Revenue |  US$2084 million (2011)[2] |
| Operating income | US$786 million (2011)[2] |
| Net income | US$515 million (2011)[2] |
| Total assets | US$5394 million (2011)[2] |
| Total equity | US$1496 million (2011)[2] |
| Employees | 12400 (2011)[2] |
| Website | www.paychex.com |
Paychex, Inc. is a payroll and human resource service company which serves approximately 572,000 businesses in the US. The company is headquartered in Penfield, New York and has more than 100 locations across the country. The company provides services including Payroll Services, Time and Labor Management, HR Administration & Compliance, 401(k) Employee Benefits, Group Health Insurance, and Paychex HR Solutions.
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[edit] History
Paychex was founded by Tom Golisano in 1971. Golisano started the company with $3,000 and the idea to make payroll outsourcing easy and affordable for small businesses. He saw an untapped market of American businesses with fewer than 100 employees, and went to his employer at the time, a regional payroll processor for big businesses, with his plan. The company wasn't interested, and Golisano started Paychex, employing only himself.
The operation grew to include 18 franchises and partnerships, which were eventually consolidated into one private company in 1979. In 1983, Paychex went public and began trading on The NASDAQ Stock Market. Since then, Paychex has registered a record of steady growth. In fiscal 2011, Paychex revenues exceeded $2 billion, as mentioned on their website.
| Name | Tenure |
|---|---|
| Tom Golisano | 1979 – October 2004 |
| Jonathan J. Judge | October 2004 – July 2010 |
| Martin Mucci | October 2010 – present |
[edit] Awards and recognition
Paychex ranked number 39 on FORTUNE's 12th annual "100 Best Companies to Work For" list in 2009. It also appeared on the 2002, 2003, 2004, 2007, and 2008 lists.
[edit] Primary Competition
- ADP
- Ceridian
- Paylocity Corporation
- Payroll Guardian International, Inc.
- Intuit Online Payroll
[edit] References
- ^ "PAYX: Profile for Paychex Inc". Yahoo! Finance. Sunnyvale, California: Yahoo!. http://finance.yahoo.com/q/pr?s=PAYX. Retrieved 2011-03-29.
- ^ a b c d e f Paychex, Incorporated (2011-07-15), FORM 10-K for the fiscal year ended May 31, 2011, Washington, D.C.: U.S. Securities and Exchange Commission, File 000-11330, film 11971238, http://www.sec.gov/Archives/edgar/data/723531/000095012311065947/l42678e10vk.htm, retrieved 2011-09-01
