First Trade Date for Paychex, Inc.
| Company Name | First Trade Date (yyyy-mm-dd) |
| Paychex, Inc. | 1983-08-26 |
| Company Name | Symbol |
| Paychex, Inc. | PAYX |
| History and Business of Company (this information may include date of incorporation) | |
|
Paychex, Inc. (the "Company" or "Paychex"), is a leading, national provider of comprehensive payroll and integrated human resource and employee benefit outsourcing solutions for small- to medium-sized businesses. Paychex, a Delaware corporation, was formed in 1979 through the consolidation of 17 corporations engaged in providing computerized payroll accounting services. As of the end of fiscal 2003, the Company serviced approximately 490,000 clients and had approximately 8,850 employees. The Company has its corporate headquarters in Rochester, New York, and more than 100 offices nationwide. The Company's fiscal year ends May 31st. Information about the Company's products and services, shareholder information, press releases, and filings with the Securities and Exchange Commission (SEC) can be found on the Company's Web site at www.paychex.com. The Company's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and other SEC filings, and any amendments to such reports, are made available as soon as reasonably practical after such material is filed with or furnished to the SEC, free of charge, on the investor relations section of this Web site. As part of its continuing growth strategy, Paychex is focused on the following: • Achieving strong financial performance while providing high-quality, timely, accurate, and affordable payroll processing services and value-added, comprehensive ancillary services to meet the human resource and employee benefit needs of the Company's client base. • Delivering these services utilizing a well-trained and responsive work force through a network of local offices servicing over 100 of the largest markets in the United States. • Growing the client base primarily through the Company's direct sales force while minimizing client losses. • Capitalizing on the growth opportunities from within the current client base as well as from new clients by increasing utilization of the Company's payroll-related and human resource ancillary products. • Capitalizing on and leveraging the Company's highly developed technological and operating infrastructure. During fiscal 2003, Paychex supplemented its growth strategy by acquiring two comprehensive payroll service providers servicing small- to medium-sized businesses. Advantage Payroll Services, Inc. ("Advantage") was acquired September 20, 2002 for $314 million in cash including the redemption of preferred stock and repayment of outstanding debt of Advantage. InterPay, Inc. ("InterPay"), a wholly owned subsidiary of FleetBoston Financial Corporation ("Fleet(r)"), was acquired April 1, 2003 for $182 million in cash. These acquisitions provided Paychex with over 82,000 new clients. In addition, these acquisitions allow Paychex to expand into geographic areas not previously served by the Company, and the opportunity to achieve economies of scale in providing services to its clients. The integration of Advantage and InterPay is in process. By the end of fiscal 2003, the sales forces of these companies were combined with the Paychex sales force, and the responsibility for their operations and corporate support had been integrated into the management structure of Paychex. In addition, certain branch operations were combined into existing Paychex locations, with more consolidation expected to occur in fiscal year 2004. The Company's focus has been on client service and retention. Approximately 2,000 Advantage clients have been converted to Paychex software platforms since the acquisition. The majority of these clients were not using Advantage's core payroll system. The Advantage core payroll system will be retained to service clients affiliated with the independently owned associate offices and Advantage co-branded products. For InterPay, it is anticipated that clients will be converted to the Paychex software platforms by the end of November 2004. | |
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