What Company Is Offering:
Paylocity is the preeminent provider of Web-based SAAS (Software-as-a-Service) payroll and human resource solutions for mid-sized companies. Paylocity has twice received the "Payroll Service of the Year Award" from the Independent Payroll Providers Association and has made Inc. Magazine's List of America's Fastest Growing Companies 3 times.
How Much They Got From VCs:
Paylocity, one of America's fastest growing providers of payroll and HR solutions, announced today that it has formed a strategic partnership with Adams Street Partners, one of the nation's oldest and largest private equity firms.
Under the partnership, Paylocity will receive a series A capital investment of nearly $10 million from Adams Street Partners, while Jeff Diehl, a partner at Adams Street Partners, will join Paylocity's board of directors.
Paylocity founder and CEO, Steve Sarowitz, states that the capital investment will be used to support the company's continued investment in Paylocity WebPay, its industry leading payroll HR and platform, as well as continued geographic expansion. Paylocity has recently opened several new markets, including Indianapolis, Detroit, San Francisco, Atlanta, Kansas City, Des Moines, and Minneapolis.
More at:http://www.paylocity.com
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