- Paychex, Inc. (NASDAQ: PAYX) announced recently it is buying Flock. This is why.
Paychex, Inc. (NASDAQ: PAYX) — a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services — announced recently that it has acquired Flock, a benefits enrollment and administration, onboarding, and human resources information system (HRIS) provider, based in San Francisco.
Through the acquisition, Paychex is gaining benefits administration software that is aligned with its commitment to driving innovation and delivering a suite of digital services.
With today’s competitive employment landscape, the importance of having an advanced benefits administration experience is more important than ever before. And according to proprietary Paychex research, HR leaders are seeking solutions that allow them to increase efficiency and automate tasks.
The HR software available through Paychex – along with the benefits administration functionality of Flock – will provide a powerful solution that will help employers drive efficiency and adapt to the myriad of HR challenges brought about by the COVID-19 pandemic.
There will not be any disruption to Flock’s service operations or customer relationships as a result of the acquisition. And the organization will continue to operate as it does today, and all Flock employees will join Paychex. The terms of the acquisition were not disclosed.
KEY QUOTES:
“Paychex provides HR services to more than 1.7 million worksite employees and is among the 30 largest insurance agencies in the U.S. The combination of Paychex’s full-service HR and benefits capabilities and Flock’s innovative platform will position us for continued growth and expansion in the marketplace.”
— Martin Mucci, Paychex president and CEO
“Flock launched a little over six years ago with the goal of helping employers efficiently manage their workforce and for employees to better understand and enroll in their health insurance and benefits. Building something significant can be challenging and Flock has been fortunate to have the support of our incredible customers, our highly talented employees, partners, and investors. The customer-first mindset at Paychex aligns perfectly with Flock’s culture and ethics, and together, we will work even harder to deliver an industry leading experience for employers and their employees.”
— Raj Singh, Flock CEO
