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    PAYX   US7043261079

PAYCHEX, INC.

(PAYX)
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Paychex : Acquires Benefits Administration Software Company, Flock

10/06/2021 | 09:16am EST

Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, announced today that it has acquired Flock, a benefits enrollment and administration, onboarding, and human resources information system (HRIS) provider, based in San Francisco.

With the acquisition, Paychex is gaining a state-of-the-art benefits administration software that is aligned with the company's commitment to driving innovation and delivering a suite of digital services.

"Paychex provides HR services to more than 1.7 million worksite employees and is among the 30 largest insurance agencies in the U.S. The combination of Paychex's full-service HR and benefits capabilities and Flock's innovative platform will position us for continued growth and expansion in the marketplace," said Martin Mucci, Paychex president and CEO.

"Flock launched a little over six years ago with the goal of helping employers efficiently manage their workforce and for employees to better understand and enroll in their health insurance and benefits. Building something significant can be challenging and Flock has been fortunate to have the support of our incredible customers, our highly talented employees, partners, and investors," said Raj Singh, Flock CEO. "The customer-first mindset at Paychex aligns perfectly with Flock's culture and ethics, and together, we will work even harder to deliver an industry leading experience for employers and their employees."

In today's competitive employment landscape, the importance of having a best-in-class benefits administration experience is more important than ever before. According to proprietary Paychex research, HR leaders are seeking solutions that allow them to increase efficiency and automate tasks. The HR software available through Paychex, along with the benefits administration functionality of Flock, will provide a powerful solution that will help employers drive efficiency and adapt to the myriad of HR challenges brought about by the COVID-19 pandemic.

There will be no disruption to Flock's service operations or customer relationships as a result of the acquisition. The organization will continue to operate as it does today, and all Flock employees will join Paychex. Terms of the acquisition were not disclosed.

About Paychex
Paychex, Inc. (Nasdaq: PAYX) is a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, 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 50 years of industry expertise, Paychex served more than 710,000 payroll clients as of May 31, 2021 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.

Lisa Fleming

Lisa Fleming joined Paychex in 2006 and last year was promoted to the position of public relations manager. As part of her role, Lisa leads the department's external communications efforts and manages the company's relationship with its outside PR agency partner, Eric Mower & Associates. Lisa is a graduate of Canisius College in Buffalo, New York where she studied English and Communications.

Manager, Public Relations
585-387-6402
lfleming@paychex.com

Disclaimer

Paychex Inc. published this content on 06 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 October 2021 13:15:07 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2022 4 396 M - -
Net income 2022 1 266 M - -
Net cash 2022 954 M - -
P/E ratio 2022 34,2x
Yield 2022 2,23%
Capitalization 42 982 M 42 982 M -
EV / Sales 2022 9,56x
EV / Sales 2023 8,98x
Nbr of Employees 15 000
Free-Float 89,2%
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 119,20 $
Average target price 115,59 $
Spread / Average Target -3,03%
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Managers and Directors
Martin Mucci President, Chief Executive Officer & Director
Efrain Rivera Chief Financial Officer, Treasurer & Senior VP
Blase Thomas Golisano Chairman
Michael E. Gioja SVP-Information Technology & Product Development
Bradley Schaufenbuel Chief Information Security Officer & VP
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