PENFIELD (dpa-AFX) - Apax Partners LLP Tuesday announced that it will send their majority stake in Paycor HCM, Inc. (PYCR), a provider of human capital management software, to Paychex, Inc. (PAYX).
Paycor HCM has entered into a definitive agreement with Paychex, Inc. (PAYX) to be acquired in an all-cash transaction for $22.50 per share, representing a total enterprise value of $4.1 billion.
Funds advised by Apax, together with certain of their affiliates, currently own a majority of Paycor's outstanding common stock.
The Apax Funds acquired a majority stake in Paycor in November 2018 for $1.3 billion and took the company public in July 2021.
Jason Wright, Partner at Apax and Chair of Paycor's Board of Directors, said: 'We could not be more proud of our partnership with Raul and the Paycor team. The company has tripled in size since the original investment. This exceptional growth was fueled by strategic investments in product and customer service. Paycor's world-class management team has created an industry leader in mid-market HCM software.'
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