Paylocity

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Paylocity Corporation
File:Paylocity logo.png
Company type	Private
Industry	Payroll service bureau Software as a service
Predecessor	Ameripay Payroll, Ltd. (until December 2005)
Founded	Illinois, U.S. (1997 (1997))
Founder	Steve Sarowitz
Headquarters	3850 N. Wilke Road Arlington Heights, Illinois, U.S.
Number of locations	Arlington Heights, Illinois Lake Mary, Florida
Area served	North America
Key people	Steve Sarowitz (Founder and Chairman) Steve Beauchamp (President and CEO) Peter McGrail (CFO)
Products	WebPay Web Time
Services	Online payroll and HR solutions
Revenue	US$64,900,000 (2012), from $46,500,000 (2011)
Owner	Steve Sarowitz, and Adams Street Partners (private equity)
Number of employees	700+
Website	Paylocity.com

Paylocity Corporation is a provider of online payroll and human resource solutions. It operates primarily a software-as-a-service business model. Its competitors include ADP and Paychex.

Paylocity has selected banks for an initial public offering, which may raise up to $100 million in 2014. The identified underwriters include: Bank of America, Deutsche Bank, and William Blair & Company.

History

Paylocity was founded in 1997 by Steve Sarowitz in Illinois. The company was originally known as Ameripay Payroll Ltd. until December 2005. As the company grew, it relocated from Franklin Park to Elk Grove Village and to its current location in Arlington Heights, Illinois.

Paylocity has grown from a small start-up with a handful of employees to a successful business with over 700 employees. The company has over 11,000 clients, with a concentration in the Chicago market while expanding nationally.

Company revenues are rapidly increasing.

Year	Revenue
2012	$64.9 Million
2011	$46.5 Million
2010	$33.2 Million
2009	$24.4 Million
2008	$19.9 Million
2007	$17.5 Million
2006	$14.2 Million
2005	$10.7 Million

In May 2008, Paylocity announced a strategic partnership with Adams Street Partners, a private equity firm, which invested nearly $10 million in capital. Jeff Diehl, a partner at Adams Street Partners, will join Paylocity's board of directors. Paylocity has a valuation of $60 million according to Dow Jones & Company's VentureWire.

Recognitions

On seven occasions (2003, 2004, and 2007 - 2011), Paylocity has been named to the Inc. 5000, a list of America's fastest growing privately held companies. Twice (2003 & 2004) the company made the Inc. 500 list.

Paylocity has won multiple Stevie Awards, dubbed the business world's own Oscar Awards, for "Sales Department of the Year" (2010) and "Contact Center of the Year" (2011).

Paylocity has been recommended by a number of organizations, including Jimmy John's and Ace Hardware.

Misplaced Pages

History

Recognitions

Primary Competition

References

External links