Rochester-based Paychex has acquired Cincinnati competitor Paycor in a $4.1 billion deal, expanding its reach in the payroll and HR tech space. Paychex, with 16,500 employees and $5.3 billion in 2024 revenue, dwarfs Paycor, which has 2,900 employees and brought in $655 million last year.
The merger is expected to yield $80 million in near-term cost savings, hinting at possible job cuts, though Paychex hasn’t confirmed layoffs. Former Paycor CEO Raul Villar will temporarily serve as a special advisor during the transition.
Paycor will operate as a business unit within Paychex, with leadership roles retained by two former Paycor executives. Paychex also pledged to expand its presence in Cincinnati post-merger.