Paychex, Inc. (NasdaqGS:PAYX) is looking for M&A. Martin Mucci, President and Chief Executive Officer said "we always continue to look at that, M&A, from an M&A standpoint, continuing to look at all kinds of product tuck-ins, PEO -- PEOs, everything that's out there. Valuations are pretty high. We're pretty particular as to what we're looking for, but we certainly feel good that we're in a solid cash position and gives them a lot of flexibility".