Norwood-based Paycor, a human capital management software company that employs approximately 2,900 employees, has entered into a multi-billion dollar agreement to be acquired by another company.
Paychex, another human capital management company, announced Tuesday that the company will buy Paycor for approximately $4.1 billion, an all-cash offer of $22.50 per share. The definitive agreement has been unanimously approved by the boards of both companies.
“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.”
Paycor provides human resources and payroll services for over 49,000 clients, but the company has also been the sponsor of the Cincinnati Bengals stadium since 2022. CityBeat has reached out to representatives from Paycor and Paychex for clarity on the stadium’s future name.
It’s also unclear if Paycor’s plans to move their headquarters to Cincinnati’s Downtown neighborhood will be impacted by the sale. 3CDC announced in May that Paycor will occupy the second floor of the former Saks Fifth Avenue store on Fifth Street, which 3CDC purchased.
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Paycor to Move Headquarters into Downtown Cincinnati’s Former Saks Fifth Avenue Building
The new space is supposed to serve as a hub for training, corporate events and hosting associates from across the country, according to a press release from Paycor announcing the move.
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This article appears in Dec 11-24, 2024.