The software company Paylocity Holding Corporation (PCTY), which provides cloud based HR and payroll solutions, has acquired another tool related to the field of remote working. The move came as Paylocity expects the growth of this field to continue even after the end of the coronavirus pandemic.
Business namely Samepage, which owns tools for remote collaboration such as real-time file and document sharing, was acquired by Paylocity. This acquisition would extend the portfolio of Paylocity, which includes a suite of human resource management tools, HR support, and initiatives that include coordination by a geographically dispersed team. Solutions purchased will be added to the single toolbar of Paylocity.
This is not the first acquisition in that direction for Paylocity as the company purchased the VidGrid video conferencing platform in the spring, with similar technologies in demand during the COVID-19 lockdown period. The management of Paylocity possibly expects the positive dynamics of the market for remote jobs resources to continue.
This prediction is backed by many businesses’ plan to use remote workers more widely in the future to ensure the sustainability of their business. But, at the same time, management teams are looking at consolidating the number of solutions used daily to get their jobs done in today’s increasingly distributed digital workforce scenario. And that creates the need of all-in-one solutions for the same, an area in which PCTY is well versed with.
In 2020, PCTY remained positively dynamic as the stock quickly recovered the loss till the end of summer which it has made during spring sessions and established an uptrend.
Paylocity Holding Corporation (PCTY) shares were a bit down -0.74% to $193.70 on Tuesday but have risen 3.72 percent over the past week. Company’s market capitalization as of the day was more than $10 billion with year to date gain of over 60 percent so far.