Paylocity Announces Acquisition Of Trace; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
Paylocity (NASDAQ:PCTY), a provider of cloud-based HR and payroll software, has acquired TraceHQ.com, Inc., a company offering solutions for headcount planning. This acquisition aims to enhance Paylocity's HCM platform by adding strategic headcount planning capabilities, which is increasingly important due to changing workforce dynamics. Paylocity's Co-CEO highlighted the need for nimble headcount planning solutions. The acquisition is not expected to materially impact Paylocity's Q2 and fiscal 2024 financial results, and the company will provide updated financial guidance in its Q2 fiscal 2024 earnings release.
December 01, 2023 | 2:04 pm
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Paylocity's acquisition of TraceHQ.com, Inc. is expected to enhance its HCM platform with advanced headcount planning capabilities, addressing the need for more strategic workforce management.
The acquisition of Trace by Paylocity is likely to be viewed positively by investors as it enhances the company's product offering and addresses a growing need for strategic workforce management. Although the financial impact is stated to be immaterial, the strategic value could positively influence investor sentiment in the short term.
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