OKLAHOMA CITY–(BUSINESS WIRE)–Paycom Software, Inc. (NYSE:PAYC), a leading provider of a comprehensive, cloud-based software for human capital management, today unveiled corporate expansion plans to add an approximately $16 million, fully equipped building adjacent to its current headquarters in Oklahoma City, subject to the completion of financing arrangements. The new building is scheduled for completion by mid-2016.
“We are excited about expanding our corporate headquarters in Oklahoma City,” said Chad Richison, Paycom founder and CEO. “This marks another milestone in our organization’s path and is a testament to the strength of our solution and people.”
The proposed structure would mirror Paycom’s second building, which was completed in 2014. Paycom expects to fully occupy its two existing buildings, 170,000-square-feet of operating space, by the time its third building is completed, just two years after the completion of its second building and nearly four years after it initially opened its headquarters facility at 7501 W. Memorial Rd. in Oklahoma City.
To incentivize Paycom to locate the additional development within its city limits, the Oklahoma City Economic Development Trust approved the commencement of negotiations for a local incentive package worth up to approximately $1.2 million, depending upon the number of new jobs Paycom creates for local employees over two years and their average annual salary level. The expansion would help Paycom keep pace with expected future demands for its cloud-based, human capital management software solution as it continues to disrupt a large and growing market.
As a leader in payroll and HR technology, Oklahoma City-based Paycom redefines the human capital management industry by allowing companies to effectively navigate a rapidly changing business environment. Its cloud-based software solution is based on a core system of record maintained in a single database for all human capital management functions, providing the functionality that businesses need to manage the complete employment lifecycle, from recruitment to retirement. Paycom serves businesses of all sizes and in every industry. As one of the leading human capital management providers, Paycom serves clients in all 50 states from offices across the country.
Certain statements in this press release may be forward looking statements within the meaning provided under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are made only as of the date hereof. These statements involve known and unknown risks and uncertainties that may cause Paycom’s actual results to differ materially from those stated or implied by such forward-looking statements, as a result of various risks and uncertainties including: changes in the demand for our solution, pricing changes and the impact of competition; changes in technology; our ability to attract, hire and retain skilled employees; our ability to attract and retain clients and increase the number of applications utilized by our clients; our ability to develop and market new applications, improve our existing applications and increase the value of our solution; our ability to maintain or increase our revenues and revenue growth rate; the sufficiency of our cash and cash equivalents and cash generated from operations to meet our working capital and capital expenditure requirements; changes in laws regulating payroll taxes and employee benefits; the possibility of a security breach that disrupts operations or exposes client confidential data; our ability to create additional jobs at our corporate headquarters; our ability to obtain financing for our corporate headquarters; our ability to expand our corporate headquarters within an expected timeframe; our ability to obtain a local incentive package from the city of Oklahoma City; and potentially unfavorable outcomes related to pending legal matters.
Other factors that may cause such differences include, but are not limited to, those discussed in our periodic filings with the Securities and Exchange Commission, including those discussed in “Item 1A. Risk Factors” in the Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2015. Paycom undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.