History
The company was founded by Steve Sarowitz in 1997 as Ameripay Payroll Ltd.[3] It was renamed Paylocity in December 2005.[3][4] It relocated from Franklin Park, Illinois to Elk Grove Village, and later to Arlington Heights. The company moved its headquarters into a 309,000 square foot office in the former headquarters of Zurich Insurance North America in Schaumburg, Illinois.[5]
In September 2007, Steve Beauchamp was appointed as president and chief operating officer and became CEO within a year.[6]
In 2008, the company secured its first institutional funding with a $10 million Series A round from Adams Street Partners, followed by a $27.3 million Series B round in 2012.[7][8]
In 2010, Paylocity acquired Payroll Online and expanded its market presence in human capital management (HCM).[7]
Paylocity held an initial public offering in March 2014, raising about $120 million.[9] At the time of the IPO, founder Steve Sarowitz held 44% ownership of the company.[10]
From 2019 to 2024, Paylocity acquired a number of companies in HCM space, including BeneFlEX, VivGrid, Sampage, Blue Marble Payroll, Cloudsnap, Trace and Airbase.Inc.[11]
