Paychex said the board of directors of both parties approved the transaction in an agreement that prices each Paycor share at $22.50, which represents a ~19% premium. Paycor, which serves over 49,000 clients, and supports about 2.7m employees across the U.S., has invested in data and artificial intelligence since going public in 2021, Paychex said.
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Paychex to acquire competitor Paycor HCM
“The acquisition of Paycor is highly complementary,” Chief Executive John Gibson said. “It will enhance our capabilities upmarket, broaden our suite of AI-driven HR technology capabilities, and provide new channels for sustained long-term growth.”
