- Paycom Software, a developer of cloud-based talent management, payroll, and HR management software, has filed for a $100M IPO under the symbol PAYC. Barclays, JPMorgan, Pac Crest, Stifel, and Canaccord are underwriting.
- Paycom argues its apps are differentiated in part by their ability to leverage an integrated platform that eliminates redundant data entry and the need to access multiple databases.
- The company claims to have 10K+ clients, with none accounting for more than 0.5% of revenue. Rivals include cloud HR software leader Workday, smaller vendors Cornerstone OnDemand and Ultimate Software, and enterprise software giants SAP and Oracle (both have made acquisitions in this space).
- Paycom had 2013 revenue of $107.6M (+40% Y/Y), and net income of $5.4M. Sales/marketing spend equaled 40% of revenue, and the company's deferred revenue balance totaled $12.6M at the end of 2013.
- Given how peers have performed lately, investor interest could be strong.
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