Paycom Adds Five More Markets

OKLAHOMA CITY, OK, February 12, 2009 – While many companies have experienced a sales decline during the economic recession, Oklahoma City-based Paycom continues to grow, with the latest addition of five more markets to its fold. Paycom has expanded its operations in recent months to Tampa, Florida; Austin, Texas; Houston, Texas; Charlotte, North Carolina; and Phoenix, Arizona.

Due to expanded operations, Paycom continues to hire new personnel, and many of the new market openings have meant promotions for Paycom employees. In 2008, Paycom added office space on two more floors of Oklahoma City’s Lakepoint Towers located at 4005 NW Expressway to accommodate the increase in personnel.

Paycom credits its continued success in this economy in part because the company’s services automatically save businesses money by lowering their payroll costs and streamlining their HR and payroll processes. The technological and economic impact with the value proposition Paycom provides means they are not only weathering the storm of the economic slowdown, but thriving.

Paycom CEO Chad Richison explains that his company’s success has always been in part because of the savings his services can provide, but that it’s all the more relevant in today’s economy. “Our customers don’t have the upfront costs associated with purchasing installed software because with Paycom they pay as they go for the online services they use. Because we offer an entire suite of services in one system, customers eliminate the need to purchase, maintain, and interface multiple payroll and HR systems which can save them a ton of money and time,” Richison said. “Businesses who are looking for ways to cut costs are coming to Paycom and learning that they get so much more than they did with their previous provider.”

The suite of services includes payroll, HR information management, background checks, benefit administration, COBRA administration, and time and attendance. Paycom’s web-based service is part of a software distribution model called Software as a Service (SaaS) in which applications are hosted by a vendor or service provider and made available to customers over a network, typically the Internet. It is currently estimated that SaaS makes up 30 percent of the software market and the projected growth will be worth $10.7 billion in 2009. Because it’s web-based, the service is also a great option for businesses with multiple locations and businesses with work-at-home personnel.

Paycom has just celebrated its 10th anniversary and continues to look for new market opportunities and continuing their impressive record of 99% customer retention.

Headquartered in Oklahoma City, Paycom processes payroll for customers in all 50 states from its 12 offices throughout the country.

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