Investing.com — Paychex Inc (NASDAQ:) is in talks to buy smaller rival Paycor (NASDAQ:), Bloomberg reported on Sunday, as the human resources company looks to boost market share amid improving profits.
The Bloomberg report said the deal could be announced as soon as this week, although talks are still ongoing.
Paycor's market capitalization is about US$3.3 billion as of its latest close on Friday, while Paychex is worth about US$50 billion.
Paychex, based in Rochester, New York, has benefited from a strong US labor market over the past year, while its AI-powered HR services have also seen an increase in demand. The stock rose about 18% in 2024, after reaching a record high in early December.
Both Paychex and Paycor could not immediately be reached for comment outside business hours.
