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 acquisition price

$4.1B

Acquired by Paychex · Jan 2025

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

Paycor Overview

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

United StatesUnited States

Website

paycor.com

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.

Paycor acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
7 Jan 2025Strategic M&A$4.1B5.5x54.6x

Paycor Funding History

Paycor has raised a total of $270M across 1 funding round.

Paycor funding rounds

Paycor funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2021Undisclosed stageNeuberger Berman (lead); Qatar Investment Authority (lead); Putnam Premier IT; ClearBridge Investments; Leumi Partners; Teca Partners$270MPaycor 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

Investors in Paycor by funding rounds participated
InvestorHQRoundsRoleFirst check
Putnam Premier ITUnited StatesUnited States1ParticipantJan 2021
ClearBridge InvestmentsUnited StatesNew York City, NY1ParticipantJan 2021
Leumi PartnersIsraelTel Aviv1ParticipantJan 2021
Qatar Investment AuthorityQatarQatar1LeadJan 2021

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Acquisitions 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

Verb
Talenya
7Geese
Ximble
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 CountryUnited StatesUnited StatesCanadaUnited States
HQ City
Austin, TX
Hoboken, NJ
-
San Diego, CA
Deal Date26 Apr 202314 Oct 202229 Sep 202021 May 2019
Valuationundisclosed$30Mundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Paycor Competitors

Paycor competitors include listed companies like TOTVS and Paylocity, and private ones like G-P/Globalization Partners, Checkr, BetterUp and HiBob.

Public and private companies comparable to Paycor
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
G-P/Globalization PartnersUnited StatesBoston, MAPrivate$1B-$4.2B4.2x
TOTVSBrazilBrazilPublicly listed$1.1B$318M$3.8B3.2x
CheckrUnited StatesSan Francisco, CAPrivate$800M-$4.6B5.8x
BetterUpUnited StatesSan Francisco, CAPrivate$100M-$4.7B47.0x
HiBobUnited StatesNew York City, NYPrivate$400M-$3.2B8.0x
PaylocityUnited StatesUnited StatesPublicly listed$1.8B$499M$7.8B4.2x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Workiva$885M($33M)4.5x4.0x(120.8x)24.0x
TOTVS$1.1B$318M3.9x3.2x13.7x12.1x
Hilan$993M$154M1.8x-11.9x-
ATOSS Software$218M$84M7.0x6.4x18.2x17.1x
Freee$214M$6M6.3x4.8x237.7x65.4x
Teamshares$472M($23M)1.7x1.4x(35.0x)33.2x
Paylocity$1.8B$499M4.3x4.2x15.3x11.5x
Nordtech Group$72M$15M5.1x-25.2x-

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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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