Investing.com– Paychex Inc (NASDAQ: ) is in talks to buy smaller rival Paycor (NASDAQ: ), Bloomberg reported Sunday, as the human resources company looks to consolidate its market share amid improving earnings.
The deal could be announced as early as this week, according to a Bloomberg report, although talks are still ongoing.
Paycor has a market capitalization of about $3.3 billion as of Friday’s last close, while Paychex is worth about $50 billion.
Rochester, New York-based Paychex has benefited from a strong US job market over the past year, while its AI-powered HR services have also seen increased demand. The stock is up about 18% in 2024, hitting a record high in early December.
Both Paychex and Paycor could not be reached for comment after hours.
