Paychex in talks to buy small payments firm Paycor – Bloomberg By Investing.com

Investing.com– Paychex Inc (NASDAQ: ) is in talks to buy smaller rival Paycor (NASDAQ: ), Bloomberg reported Sunday, as the staffing company looks to consolidate its market share amid improving wages.

A deal could be announced as soon as this week, Bloomberg reports, although negotiations are still ongoing.

Paycor has a market capitalization of about $3.3 billion as of its last close on Friday, while Paychex is worth about $50 billion.

Rochester, New York-based Paychex has benefited from a strong US labor market over the past year, and its artificial intelligence-powered HR services have also seen increased demand. The stock is up nearly 18% in 2024, hitting a record high in early December.

Both Paychex and Paycor were not immediately available for comment outside of business hours.