NEW
YORK, Jan. 7, 2025 /PRNewswire/ -- Apax
Partners LLP ("Apax") today announced that Paycor HCM, Inc.
(Nasdaq: PYCR) ("Paycor"), a leading provider of human capital
management ("HCM") software, has entered into a definitive
agreement with Paychex, Inc. (Nasdaq:
PAYX) ("Paychex") to be acquired in an
all-cash transaction for $22.50
per share, representing a total enterprise value of $4.1 billion. Funds advised by Apax,
together with certain of their affiliates, currently own a majority
of Paycor's outstanding common stock.
The Apax Funds acquired a majority stake in Paycor in
November 2018 for $1.3 billion and took the company public in
July 2021. Over the past six
years, Apax has partnered closely with Paycor's
leadership team in the transformation of the company – accelerating
its top-line growth, expanding it into tier one cities across
North America, and building a
modern HCM platform for the mid-market.
Jason Wright, Partner at Apax and
Chair of Paycor's Board of Directors, said: "We could not
be more proud of our partnership with Raul and the
Paycor team. The company has tripled in size since the
original investment. This exceptional growth was fueled by
strategic investments in product and customer
service. Paycor's world-class management team has created an
industry leader in mid-market HCM software."
Raul Villar, Jr., Chief Executive
Officer of Paycor, said: "Apax has been a committed and
valuable partner to Paycor over the past six years. Jason
and the Apax team have been instrumental in shaping Paycor's
strategic vision, investing for long-term profitable growth and
scaling our overall enterprise capabilities. We thank the entire
Apax team for their guidance and unwavering support for Paycor and
our loyal associates and clients."
Funds advised by Apax have a long history of
investing across the software industry and in
subsectors such as HCM software. In 2024, the Apax Funds
acquired the Zellis Group, one of the leading providers of payroll
and HR software solutions to customers in the UK and Ireland and an emerging leader in the global
benefits administration software market. Other noteworthy past and
current software industry investments include Duck Creek
Technologies, Epicor Software Corporation, Sophos Group, ECi
Software, and RealPage, Inc.
Goldman Sachs & Co. LLC is serving as Paycor's exclusive
financial advisor and Kirkland & Ellis LLP is serving as
Paycor's legal advisor.
About Paycor
Paycor's HR, payroll, and talent platform
connects leaders to people, data, and expertise. We help leaders
drive engagement and retention by giving them tools to coach,
develop, and grow employees. We give them unprecedented insights
into their operational data with a unified HCM experience that can
seamlessly connect to other mission-critical technology. By
providing expert guidance and consultation, we help them achieve
business results and become an extension of their teams. Learn more
at paycor.com.
About Paychex
Paychex, Inc. (Nasdaq: PAYX) is an
industry-leading HCM company delivering a full suite of technology
and advisory services in human resources, employee benefit
solutions, insurance, and payroll. The company serves over 745,000
customers in the U.S. and Europe
and pays one out of every 12 American private sector employees. The
more than 16,000 people at Paychex are committed to helping
businesses succeed and building thriving communities where they
work and live. To learn more, visit www.paychex.com.
About Apax Partners
Apax Partners LLP is a leading
global private equity advisory firm. For over 50 years, Apax has
worked to inspire growth and ideas that transform businesses. The
firm has raised and advised funds with aggregate commitments of
almost $80 billion. The Apax Funds
invest in companies across three global sectors: Tech, Services,
and Internet/Consumer. These funds provide long-term equity
financing to build and strengthen world-class companies. For
further information about Apax, please visit www.apax.com. Apax is
authorized and regulated by the Financial Conduct Authority in the
UK.
Media Contacts:
Todd Fogarty, Kekst CNC
Todd.fogarty@kekstcnc.com
+1 212 521 4854
Gill Corish, Apax
Gill.corish@apax.com
+44 207 872 6480
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SOURCE Apax Partners