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Paychex history
Paychex company history timeline
The impetus to expand the company came from two friends of Golisano, who approached him independently in 1974.
By 1979, it began to be apparent that there were problems with the looseness of the organization.
1979: The firm incorporates as Paychex Inc.
By 1979, he had 17 partners, 11 of them joint ventures, and six franchises.
By 1982, the average salesperson was bringing in 100 clients a year.
In 1983, Paychex went public and began trading on The NASDAQ Stock Market.
He created the Golisano Foundation in 1985 and through it has donated billions to different projects across upstate New York.
They met in 1986 — the year after Golisano had won a prestigious entrepreneurship award at Rochester Institute of Technology.
Some of the growth came from acquisitions, such as the 900 clients acquired when Paychex bought a Minneapolis company, Purchase Payroll, in 1987.
In 1987, Paychex opened a division of Benefit Services, to keep track of clients' employee benefit plans.
There wasn't a drop in profit until September 1989.
By 1989, ADP had 400 sales representatives in this division, versus Paychex's 310.
And Paychex began offering a new service called Taxpay in 1989.
In 1989, the company brought in $101 million, from its client base of 115,000 accounts.
By 1990, Paychex had 335 sales representatives and around 125,000 clients.
In 1991, the company formed a Human Resource Services division, offering clients a package of employee evaluation and testing tools, employee handbooks, insurance services, customized job descriptions, and other benefits.
In 1991, there were around 26,000 Taxpay customers.
1991 saw record sales of $137 million, as well as record earnings of $9.6 million.
In 1992, Golisano pushed for a third national political party along with other prominent businessmen across America.
At this time the company had around 26,000 Taxpay customers, and that number rose to over 50,000 by 1993.
The company then introduced Paylink in 1993.
According to CEO Golisano in a June 13, 1994 Barron's article, Paychex aimed to expand its client base by 11 to 12 percent a year, to keep revenue growing at close to 20 percent annually.
In 1994, Paychex added a similar service, Reportlink.
And though there were still in 1994 more than 4.6 million businesses with fewer than 100 employees, more than 60 percent of these had only one to four employees, and so were too small to be likely potential clients.
In 1995, the company increased its client base by 11.8 percent, exactly as Golisano had wished.
In 1996, Paychex acquired California-based Olsen Computer Systems Inc. and National Business Solutions of Florida.
By 1997, the company had secured five consecutive years of over 30 percent earnings growth.
In fact, during the year 2000, 5,000 employees were trained at the University of Paychex, and 750,000 hours were spent on field training and ongoing training programs.
In fiscal 2001, the company posted its 11th consecutive year of record revenues and net income.
According to the company's 2001 annual report, the firm was dedicated to achieving success in the future by focusing on its growth strategy which included increasing its client base, obtaining higher utilization of ancillary services, developing new services, and leveraging its infrastructure.
Golisano stepped down as Paychex CEO in 2004, leaving behind a company that today has added more services and even more customers.
In fiscal 2013, Paychex revenues exceeded $2.3 billion.“
Paychex and IHS Markit launched a Small Business Jobs Index in 2014 that measures the health of businesses employing 50 people or less.
Oasis, a professional employer organization (PEO) brought 8,400 PEO clients, 1,100 employees, and an annual revenue that exceeded $9 billion in 2017.
In December 2018, Paychex closed on its acquisition of Oasis Outsourcing Acquisition Corporation for $1.2 billion.
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Paychex competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Intuit | 1983 | $16.3B | 10,600 | 1,044 |
| Fiserv | 1984 | $20.5B | 44,000 | 556 |
| Morningstar | 1984 | $1.7B | 7,979 | 73 |
| Morgan Stanley | 1935 | $3.0B | 68,097 | 1,110 |
| Square | 2009 | $24.1B | 3,835 | 8 |
| Broadridge | 1962 | $6.5B | 10,000 | 847 |
| Kronos Incorporated | 1977 | $1.4B | 6,000 | 3 |
| Aetna | 1853 | $60.6B | 47,950 | 9 |
| MicroStrategy | 1989 | $496.3M | 2,528 | 31 |
| Workday | 2005 | $8.4B | 12,500 | 134 |
Paychex history FAQs
Zippia gives an in-depth look into the details of Paychex, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Paychex. The employee data is based on information from people who have self-reported their past or current employments at Paychex. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Paychex. The data presented on this page does not represent the view of Paychex and its employees or that of Zippia.
Paychex may also be known as or be related to Paychex, Paychex Inc and Paychex, Inc.