Paycom Software, Inc. (NYSE:PAYC), a leading provider of a
comprehensive, cloud-based software for human capital management, today
unveiled corporate expansion plans to add an approximately $16 million,
fully equipped building adjacent to its current headquarters in Oklahoma
City, subject to the completion of financing arrangements. The new
building is scheduled for completion by mid-2016.
“We are excited about expanding our corporate headquarters in Oklahoma
City,” said Chad Richison, Paycom founder and CEO. “This marks another
milestone in our organization’s path and is a testament to the strength
of our solution and people.”
The proposed structure would mirror Paycom’s second building, which was
completed in 2014. Paycom expects to fully occupy its two existing
buildings, 170,000-square-feet of operating space, by the time its third
building is completed, just two years after the completion of its second
building and nearly four years after it initially opened its
headquarters facility at 7501 W. Memorial Rd. in Oklahoma City.
To incentivize Paycom to locate the additional development within its
city limits, the Oklahoma City Economic Development Trust approved the
commencement of negotiations for a local incentive package worth up to
approximately $1.2 million, depending upon the number of new jobs Paycom
creates for local employees over two years and their average annual
salary level. The expansion would help Paycom keep pace with expected
future demands for its cloud-based, human capital management software
solution as it continues to disrupt a large and growing market.
About Paycom
As a leader in payroll and HR technology, Oklahoma City-based Paycom
redefines the human capital management industry by allowing companies to
effectively navigate a rapidly changing business environment. Its
cloud-based software solution is based on a core system of record
maintained in a single database for all human capital management
functions, providing the functionality that businesses need to manage
the complete employment lifecycle, from recruitment to retirement.
Paycom serves businesses of all sizes and in every industry. As one of
the leading human capital management providers, Paycom serves clients in
all 50 states from offices across the country.
Forward-Looking Statements
Certain statements in this press release may be forward-looking
statements within the meaning provided under the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are made
only as of the date hereof. These statements involve known and unknown
risks and uncertainties that may cause Paycom’s actual results to differ
materially from those stated or implied by such forward-looking
statements, as a result of various risks and uncertainties including:
changes in the demand for our solution, pricing changes and the impact
of competition; changes in technology; our ability to attract, hire and
retain skilled employees; our ability to attract and retain clients and
increase the number of applications utilized by our clients; our ability
to develop and market new applications, improve our existing
applications and increase the value of our solution; our ability to
maintain or increase our revenues and revenue growth rate; the
sufficiency of our cash and cash equivalents and cash generated from
operations to meet our working capital and capital expenditure
requirements; changes in laws regulating payroll taxes and employee
benefits; the possibility of a security breach that disrupts operations
or exposes client confidential data; our ability to create additional
jobs at our corporate headquarters; our ability to obtain financing for
our corporate headquarters; our ability to expand our corporate
headquarters within an expected timeframe; our ability to obtain a local
incentive package from the city of Oklahoma City; and potentially
unfavorable outcomes related to pending legal matters.
Other factors that may cause such differences include, but are not
limited to, those discussed in our periodic filings with the Securities
and Exchange Commission, including those discussed in “Item 1A. Risk
Factors” in the Annual Report on Form 10-K filed with the Securities and
Exchange Commission on February 26, 2015. Paycom undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise,
except as required by applicable securities laws.
Copyright Business Wire 2015