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- Paycor
Paycor Acquisition, Valuation, Funding & Investors
Paycor was acquired by Paychex for $4.1B in January 2025, a 5.5x multiple on $746M of revenue.
Paycor revenue at acquisition
$746M
Last twelve months · Jan 2025
Paycor revenue multiple at acquisition
5.5x
EV/Revenue · Jan 2025
Paycor EBITDA multiple at acquisition
54.6x
EV/EBITDA · Jan 2025
About Paycor
Paycor is a Cincinnati-based provider of cloud-native payroll and human capital management (HCM) software, serving over 28,000 small and medium-sized businesses across the United States. Its platform covers payroll, workforce management, and other HR functions, generating recurring revenue through SaaS subscriptions billed on a per-employee-per-month basis. Paycor has expanded its HCM suite through acquisitions, including AI-driven recruiting platform Talenya and workplace-training provider Verb, and completed an IPO on Nasdaq in 2021.
Founded
1990
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$746M (Jan 2025)
Valuation
$4.1B (acquired Jan 2025)
Paycor Acquisition
Paycor was acquired by Paychex for $4.1B on 7 January 2025.
The acquisition price implies a 5.5x revenue and 54.6x EBITDA multiple on $746M of revenue.
Before the acquisition Paycor had raised $270M across 1 funding round.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 7 Jan 2025 | Strategic M&A | $4.1B | 5.5x | 54.6x |
Paycor Funding History
Paycor has raised a total of $270M across 1 funding round.
Paycor funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2021 | Undisclosed stage | Neuberger Berman (lead); Qatar Investment Authority (lead); Putnam Premier IT; ClearBridge Investments; Leumi Partners; Teca Partners | $270M | Paycor is a leading provider of SaaS Payroll and Human Capital Management (HCM) software, serving over 28,000 customers across 50 US states as of July 2021, with a focus on medium and small businesses through cloud-native solutions including payroll, workforce management, and HR-related services. The company generates primarily recurring revenue from SaaS subscriptions on a per-employee-per-month (PEPM) basis and non-refundable implementation fees. On January 4, 2021, Paycor received commitments for $270 million in new investment co-led by Neuberger Berman and Qatar Investment Authority (QIA), with participation from ClearBridge Investments, Franklin Templeton, Leumi Partners, and Teca Partners, while Apax Partners retained a stake. J.P. Morgan acted as sole placement agent, and Kirkland & Ellis advised Paycor legally. The investment aimed to accelerate Paycor's strategy of delivering industry-leading technology and expertise to customers. Paycor's financials around the period showed revenue of $327.9 million for the fiscal year ended June 2020, with $264.8 million in total revenues for the nine months ended March 31, 2021 (4% year-over-year growth), of which recurring and other revenues comprised $263.4 million (99% of total). The company had transformed substantially in the prior three years, investing in product, go-to-market strategy, and management, positioning it at the forefront of the evolving cloud HCM/payroll market. Post-round, Paycor completed its IPO in the same month, raising $425.5 million at $23 per share on Nasdaq (PYCR). In January 2025, Paychex agreed to fully acquire Paycor for $22.8 million from its investors including Apax Partners, BlackRock, ClearBridge, Leumi Partners, Teca Partners, QIA, Franklin Templeton, and Neuberger Berman, though this reflects a later development. |
Who has invested in Paycor?
6 investors have backed Paycor across its funding rounds, including Putnam Premier IT, Qatar Investment Authority, Neuberger Berman, Leumi Partners, ClearBridge Investments and Teca Partners.
Lead investors include Neuberger Berman and Qatar Investment Authority.
Paycor Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Lead | Jan 2021 | ||
This data is available for Pro users. Sign up to see all 6 Paycor investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Paycor
Paycor has acquired 5 companies to date.
Last acquisition by Paycor was on April 26th 2023. Paycor acquired Verb for undisclosed valuation.
Latest Acquisitions by Paycor
| Description | Verb is a leadership development platform headquartered in Chicago that equips managers with microlearning modules on essential skills like adaptive leadership and team motivation. Topics cover modern workplace challenges including remote team management and inclusive decision-making. Learners engage in bite-sized activities for real-world application, reflection, and behavior change tracking. The platform integrates with learning management systems and serves enterprises across industries including tech and finance. | Talenya is an AI automation tool for talent sourcing at talenya.com. It identifies qualified diverse candidates, schedules interviews, and reduces manual effort in recruitment pipelines. | 7Geese is a performance management software provider based in Toronto, enabling goal setting, continuous feedback, and OKR tracking for enterprises. Integrated with Slack and Microsoft Teams, it serves clients like Unbounce and Shopify across 50 countries. Founded in 2012, the platform supports 500 organizations with analytics dashboards. | Ximble is a cloud-based workforce management platform tailored for retailers, restaurants, and small to medium businesses. The system handles employee scheduling, time tracking, shift swapping, and labor cost forecasting through an intuitive interface that completes most tasks in a few clicks. Headquartered in Vancouver, Canada, it automates notifications and integrates with POS systems like Square and Lightspeed. | |
| HQ Country | |||||
| HQ City | Austin, TX | Hoboken, NJ | - | San Diego, CA | |
| Deal Date | 26 Apr 2023 | 14 Oct 2022 | 29 Sep 2020 | 21 May 2019 | |
| Valuation | undisclosed | $30M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Paycor acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Paycor Competitors
Paycor competitors include listed companies like TOTVS and Paylocity, and private ones like G-P/Globalization Partners, Checkr, BetterUp and HiBob.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $1B | - | $4.2B | 4.2x | ||
| Publicly listed | $1.1B | $318M | $3.8B | 3.2x | ||
| Private | $800M | - | $4.6B | 5.8x | ||
| Private | $100M | - | $4.7B | 47.0x | ||
| Private | $400M | - | $3.2B | 8.0x | ||
| Publicly listed | $1.8B | $499M | $7.8B | 4.2x |
Paycor Public Comps
Paycor is no longer listed, but its public comps include Workiva, TOTVS, Hilan, ATOSS Software, Freee, Teamshares, Paylocity, Nordtech Group, AdvancedAdvT and Paycom.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $885M | ($33M) | 4.5x | 4.0x | (120.8x) | 24.0x | |||
| $1.1B | $318M | 3.9x | 3.2x | 13.7x | 12.1x | |||
| $993M | $154M | 1.8x | - | 11.9x | - | |||
| $218M | $84M | 7.0x | 6.4x | 18.2x | 17.1x | |||
| $214M | $6M | 6.3x | 4.8x | 237.7x | 65.4x | |||
| $472M | ($23M) | 1.7x | 1.4x | (35.0x) | 33.2x | |||
| $1.8B | $499M | 4.3x | 4.2x | 15.3x | 11.5x | |||
| $72M | $15M | 5.1x | - | 25.2x | - | |||
This data is available for Pro users. Sign up to see all Paycor competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Paycor
| When was Paycor founded? | Paycor was founded in 1990. |
| Where is Paycor headquartered? | Paycor is headquartered in United States. |
| Is Paycor publicly listed? | No, Paycor was acquired by Paychex in January 2025. |
| Who acquired Paycor? | Paycor was acquired by Paychex in January 2025. |
| How much was Paycor acquired for? | Paycor was acquired for $4.1B in January 2025, a 5.5x revenue multiple. |
| How much funding has Paycor raised? | Paycor has raised $270M across 1 funding round. |
| What was Paycor's last funding round? | Paycor's last funding round was a $270M undisclosed-stage round in January 2021, led by Neuberger Berman and Qatar Investment Authority. |
| Who are Paycor's investors? | Paycor's investors include Putnam Premier IT, ClearBridge Investments, Leumi Partners, Qatar Investment Authority, Neuberger Berman and Teca Partners. |
| Which companies are comparable to Paycor? | Companies comparable to Paycor include G-P/Globalization Partners, TOTVS, Checkr, BetterUp, HiBob and Paylocity. |
| How many companies has Paycor acquired? | Paycor has acquired 5 companies, including Verb, Talenya, 7Geese, Ximble and Newton Software. |
| What was the largest acquisition by Paycor? | The $30M acquisition of Talenya in October 2022 is the largest acquisition Paycor has made to date. |
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