Online payroll company Paylocity selects banks for 2014 IPO -sources

Reuters News
Posted: Oct 18, 2013 5:03 PM

By Olivia Oran

(Reuters) - Paylocity, an online payroll and human resources software company, has picked banks for an initial public offering that could come next year, according to two sources familiar with the matter.

The Arlington Heights, Illinois-based company has hired Bank of America Corp, Deutsche Bank AG and William Blair to lead the deal which could raise around $100 million, the sources said.

Paylocity and William Blair could not be reached for comment. Bank of America and Deutsche Bank declined to comment.

Paylocity, which was founded in 1997, has more than 10,000 customers nationwide.

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Its competitors include Automatic Data Processing Inc and Paychex Inc.

The company generates around $55.1 million in revenue, according to Crain's Chicago Business.

(Reporting by Olivia Oran; editing by Andrew Hay)