Younger cloud companies Paycom and Ultimate Software are stealing the payroll processing business of ADP and Paychex, the more established “service bureaus,” concludes Credit Suisse software analyst Michael Nemeroff.
Shares of Paycom (PAYC), and Ultimate Software (ULTI) are both lower today despite a thumbs up from Credit Suisse software analyst Michael Nemeroff, who reiterates his Buy ratings on both, after reviewing trends at competitor Paychex (PAYX), and concluding Paychex and ADP (ADP) are both ceding business to Paycom and Ultimate.
Both Paycom and Ultimate compete for running the payroll processing of corporate clients.
To learn more, visit: http://www.barrons.com/articles/paycom-ultimate-taking-business-from-paychex-adp-says-credit-suisse-1499106163?mod=yahoobarrons&ru=yahoo&yptr=yahoo