Paycor started in Cincinnati in 1990 as a payroll service for local businesses, long before anyone called software a cloud. Over three decades it moved its customers from paper checks to online payroll, and then to full HR software. It aimed at the middle of the market: companies too big for a bookkeeper and too small for a giant HR system. In July 2021, after a private equity buyout, Paycor went public.

Payroll First, Then Everything

Bob Coughlin founded Paycor in Cincinnati in 1990. The bet was that small and mid-sized employers would hand payroll to a local partner they trusted. Paycor later rebuilt itself as a cloud software company. It added hiring, time tracking, benefits and HR tools on top of payroll, and sold them as one system. Apax Partners bought a majority stake in 2018 to speed that shift.

From PYCR to Paychex

Paycor priced its IPO at $23 a share in July 2021 and began trading on Nasdaq as PYCR. It sold 18.5 million shares. The stock drifted for the next few years as larger rivals competed for the same customers. In January 2025 Paychex agreed to buy Paycor for $22.50 a share in cash, or about $4.1 billion. The deal closed in April 2025, and Paycor's stock left Nasdaq.

Cover: Pay Day in the Army of the Potomac, Winslow Homer. Art Institute of Chicago, public domain. Chosen for payday (payroll).