LOVELAND MAGAZINE

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Tag: paycheck

  • Paychex Enters into “Definitive Agreement” to Acquire Paycor

    Paychex Enters into “Definitive Agreement” to Acquire Paycor

    Photo via Hamilton County

    A Press Release from Paycheck:

    Editor’s note: It is not clear at this time whether the existing naming rights for Paycor Stadium will survive the acquisition or if the Norwood based Paycor’s plan to relocate its headquarters from Norwood to the former Saks building in downtown Cincinnati will continue.

    Rochester, N.Y. (January 7, 2025) – Paychex, Inc. (Nasdaq: PAYX) (“Paychex”), an industry-leading human capital management (HCM) company delivering a full suite of technology and advisory solutions in human resources, employee benefit solutions, insurance, and payroll today announced it has entered into a definitive agreement to acquire Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of HCM, payroll and talent software in an all-cash transaction for $22.50 per share, representing an enterprise value of approximately $4.1 billion. The definitive agreement has been unanimously approved by the Boards of Directors of both companies.

    Headquartered in Cincinnati, Ohio, Paycor has approximately 2,900 employees, serves over 49,000 clients, and supports approximately 2.7 million employees across the United States. Paycor’s leading HCM, payroll, and talent platform was designed to serve organizations of all sizes, from ten to thousands of employees. Paycor has expanded its upmarket position since becoming a public company in 2021 by consistently investing in data, AI, and other cutting-edge technologies.

    “I’m excited to welcome Paycor to the Paychex family,” said John Gibson, President and CEO of Paychex. “For over 50 years, Paychex has been committed to helping businesses succeed. This acquisition represents a significant milestone in our journey to provide best-in-class HCM solutions to businesses of all sizes.”

    Gibson added: “The acquisition of Paycor is highly complementary. It will enhance our capabilities upmarket, broaden our suite of AI-driven HR technology capabilities, and provide new channels for sustained long-term growth. Our customers will benefit from an expanded suite of technology and advisory solutions designed to help them address their HR challenges, and Paycor’s customers will benefit from our broad product set of HR advisory and employee solutions and from the scale and tradition of operational and service excellence that Paychex is well-known for in the marketplace.”

    “Paycor’s mission is to empower business leaders to achieve greater success,” said Raul Villar, Jr., CEO of Paycor. “We believe this transaction will create a great outcome for our clients and key stakeholders, and we are very excited to be joining Paychex for the next phase of our journey. We are confident that our customers will benefit from the shared expertise, resources, and innovative HCM solutions of both companies to drive even greater people and business performance.”

    Overview of Transaction Rationale

    • Combined offering will be one of the most comprehensive HCM portfolios in the industry, allowing Paychex to better meet the needs of new and existing customers across all customer segments

    • Paycor’s strength upmarket will complement Paychex’s position in this customer segment

    • Acquisition significantly expands Paychex’s sales coverage and adds additional growth platforms via access to Paycor’s strategic partnerships and embedded HCM capabilities

    • Shared emphasis on helping businesses succeed through leading technology and advisory solutions and commitment to investing in product innovation and using data and AI to provide actionable insights to customers

    • Expected run-rate cost synergies in excess of $80 million in the near-term and substantial revenue synergy opportunity over the next several years

    • Expected to be neutral to slightly accretive to adjusted diluted EPS in the first fiscal year post-close and accretive in the second fiscal year and beyond[1]

    Transaction Details

    • All-cash acquisition of 100% of Paycor for $22.50 per share, reflecting approximately $4.1 billion enterprise value

    • Represents a premium of approximately 19% over Paycor’s 30-day volume weighted average trading price as of the unaffected trading date of January 3, 2025

    • Paychex is committed to maintaining our dividend policy and strong balance sheet and has obtained committed financing to support the transaction, which is expected to be funded with incremental debt

    • Acquisition is expected to close in the first half of calendar 2025, subject to satisfaction of regulatory approvals and other customary closing conditions

    • Pride Aggregator, LP, an affiliate of Apax Partners LLP, currently owns 96.1 million of Paycor’s shares, representing a majority of Paycor’s outstanding common stock. Pride Aggregator, LP has approved the transaction by written consent

  • Early voting starts today. Here are the basics

    Early voting starts today. Here are the basics

    Getty Images photo of voters in line.

    BY: JAKE ZUCKERMAN – Ohio Capital Journal

    Despite drawn out legal battles over district lines for state legislative and U.S. House seats, yes, there’s still a May 3 primary in Ohio.

    Monday was the final day to register to vote in time to participate in the May 3 primary. Early voting starts Tuesday. Here are some of the basics from there.

    What are we voting on?

    May’s election will finalize who will represent the Democratic and Republican political parties in the 2022 elections. That includes:

    • Governor
    • Statewide offices (attorney general, auditor, treasurer, secretary of state)
    • U.S. House and Senate
    • Ohio Supreme Court

    Some races, like the Republican primary for the U.S. Senate or Democratic gubernatorial primary, are hotly contested. Some, like the Supreme Court races, are uncontested. Depending on where you live, various political subdivisions have local judicial and municipal candidates and ballot issues like school levies on the ticket as well.

    What aren’t we voting on?

    Ohio House and Senate races. Those district lines, which form 99 state House seats and 33 Senate seats, are typically reconfigured every 10 years. However, in the maiden voyage of an anti-gerrymandering amendment added by voters into the state Constitution, the Ohio Supreme Court has rejected three maps proposed by the Ohio Redistricting Commission along party lines. State Central Committee elections for both parties missed the May 3 ballot as well.  Last week, Ohio Secretary of State Frank LaRose issued a directive calling for elections to proceed, minus the races caught in the redistricting quagmire.

    State lawmakers, who control when primary elections occur, have yet to set a date for the legislative primary contests.

    Read about the third rejection here and the latest fallout here.

    How can I vote absentee?

    Complete an absentee ballot request form by April 30 and mail it to your county board of elections. The board should then provide absentee ballots. The ballot can be sent by mail by May 2 but must be received by no later than 10 days after the election, so the earlier the better.

    Voters should ensure they fill their applications out accurately and thoroughly, include their email and phone number, and track their ballot online, to ensure it’s counted, according to Secretary of State Frank LaRose.

    It can also be delivered to the board in person.

    And early voting?

    Early, in-person voting in Ohio starts April 5. It runs weekdays from 8 a.m. until 5 p.m. in the first three weeks of April and for an extra two hours in the final week of the month. It is also available the Saturday and Sunday (April 30 and May 1) before the primary.

    Do I need identification to vote?

    Yes. Acceptable forms of identification include a current, federal or Ohio government-issued photo identification card; a military identification card; a utility bill; a bank statement; a government check; or a paycheck. The Ohio Secretary of State offers further guidance and specifics on its website. Identification issued by non-Ohio states, passports, insurance cards, birth certificates and social security cards do not suffice.

    People who vote at their precincts without such identification can vote provisionally. Their vote will be counted if they return within seven days to provide qualifying identification.