🠈  Paychex  🠊

Paychex

Paychex is a rapidly expanding human resource company based in Rochester, NY. The company trades on the NASDAQ with the symbol PAYX

Corporate History

This section shows corporate transactions that I encounter as I explore business histories on the net.¹

• 1971: Tom Golisano started the company with $3,000.
• 1979: The company expanded as 18 franchises which consolidated in 1979.
• 1983: Paychex held an IPO on NASDAQ.
• 2011: Paychex acquired SurePayroll for $115 million.
• 2018: Paychex acquired the Lessor Group based in Denmark.
  • 1972: Lessor was founded in Allerød, Denmark
  • 2016: Axcel, a Nordic private equity firm, acquired Lessor.
• 2018: Paychex acquired Oasis Outsourcing for $1.2 billion. The combined firm had more than 650,000 payroll clients.^{1,2the firm}

  History of Oasis Outsourcing

  Oasis Outsourcing was founded in 1996 as a subsidiary of The Wackenhut Corporation which was founded by former FBI Agent George R. Wackenhut. Wackenhut provided a variety of investigator and security ventures with the subsidiary handling outsourced HR.

  • 1996: Wackenhut Corporation launched the firm as a Florida based subsidiary.⁷
  • 1997: Wackenhut acquired a PEO called Jim King Cos. a Jacksonville for $11.5 million and merged it with the subsidiary.
  • 2002: A Danish security firm called Group 4 Falck AS acquired Wackenhut.
  • 2003: Oasis CEO Robert C. Kneip, financed by HIG Capital Management LLC, acquired Oasis and spun off Wackenhut.^7,8
  • 2006: Nautic Partners acquired Oasis from H.I.G. Partners for $1.8 billion.¹².
  • 2013: Oasis launched Oasis Power Buys which is an online discount store for employees.¹¹
  • 2014: Stone Point Capital acquired Oasis.⁹
  • 2016: Oasis acquired CEP Inc which owned 91% of Fortune Industries.

    History of Fortune Industries

    • 2005: Carter Fortune created Fortune Industries (AMEX: FFI) through a merger between Fortune Diversified Investments and other firms. Some were involved in gaming.
    • 2007: Fortune acquired Employer Solutions Group based in Provo, Utah.
    • 2012: Chris Carter passed away.
    • 2013: CEO Tena Mfortune diversified holdingsayberry and Chief Financial Officer Randy Butler acquired FFI in a transaction financed by H.I.G. Capital. They renamed the holding Company CEP Inc.. (OTC: FDVF) ⁵
  • 2017: Oasis acquired Staff One HR¹⁰

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References:

1. Wikipedia - Paychex (Drawn 11/15/2019)
2. PR Newswires - Paychex acquires Oasis (Drawn 11/15/2019)
3. PR Newswire - Paychex Acquires Lessor (Drawn 11/15/2019)
4. CA - ESG Acquired by Fortune (Drawn 11/15/2019)
5. IBJ - Fortune Industries Set to Accept Buyout Offer (Drawn 11/15/2019)
6. Staffing Industry - Oasis Industries to Acquire Fortune Industries (Drawn 11/15/2019)
7. Reference for Business - The Wackenhut Corporation (Drawn 11/15/2019)
8. Herald Tribune - Oasis Spun Off Wackenhut (Drawn 11/15/2019)
9. PR Newswire - Stone Point Acquired Oasis (Drawn 11/15/2019)
10. Stone Point - Oasis Acquired Staff One HR (Drawn 11/15/2019)
11. Altaris - Oasis Launched Power Buys (Drawn 11/16/2019)
12. Oasis PR - Nautic Acquires Oasis (Drawn 11/16/2019)

Directory Listings:

• Phoenix Color - Human Resoruces: Paychex
• Colorado Springs Color - Human Resources: Paychex
• Denver Color - Human Resoruces: Paychex

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