Market Alert: Paycor’s Proposed IPO Shows Small Businesses Need Both Concrete and Abstract HCM

What Happened

Paycor, provider of an end-to-end suite of software-as-a-service human capital management solutions, has filed an initial public offering, the vendor announced on April 26. Paycor seeks to raise $100 million for this IPO, according to related filings with the Securities and Exchange Commission.

Background

A considerable percentage of Paycor’s client base comprises organizations employing 50 or fewer in staff. In recent years, however, net-new customers have been employers of 100 or more people. Competition in this space is significant. Though the approximate 1:1 comparisons to Paycor, founded in 1990, are a handful of mostly less seasoned providers all vying for the business of these small companies just beginning to grow into becoming fuller operations with grown-up needs in HCM, other, larger vendors have begun to move down market, as well, to service these employers’ needs.

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