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In the latest sign of the growing influence of artificial intelligence in the HR industry, Paychex announced on Tuesday that will acquire payroll processing company Paycor HCM for about $4.1 billion in cash. Analysts see the transaction as part of an effort by Paychex to broaden its AI capabilities and consolidate market share.
“I’m excited to welcome Paycor to the Paychex family,” said John Gibson, president and CEO of Paychex. “For over 50 years, Paychex has been committed to helping businesses succeed. This acquisition represents a significant milestone in our journey to provide best-in-class human capital management solutions to businesses of all sizes.”
Paycor CEO Raul Villar Jr. agreed.
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