{ "schema_version": "v2", "vertical": "hr_media", "side": "sell", "layout_id": "hr_media_sell_v1", "layout_hints": { "hero_component": "three_asset_split", "empty_state": "asset_unavailable", "language_frame": "seller_perspective" }, "generated_at": "2026-04-09T05:10:51.567351+00:00", "generator": "traced_buyer_run_v2", "_pipeline_version": "v2.0.0-br4", "_llm_provenance": { "primary": "claude", "fallback_allowed": false }, "llm_model_used": "claude", "buyer_name": "paylocity", "buyer_slug": "paylocity", "buyer_type": "strategic_public", "buyer_tier": 1, "buyer_city": null, "buyer_state": null, "buyer_country": "USA", "logo_domain": null, "ticker": "PCTY", "fit_score": null, "financial_data": { "market_cap": 5.57, "stock_price": 102.42, "ttm_revenue": 1.47, "ttm_ebitda": 403660000, "valuation_range": null, "confidence_by_field": { "market_cap": "high", "stock_price": "high", "ttm_revenue": "high", "ttm_ebitda": "high" }, "source_url_by_field": { "market_cap": "https://finance.yahoo.com/quote/PCTY", "stock_price": "https://finance.yahoo.com/quote/PCTY", "ttm_revenue": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001591698.json", "ttm_ebitda": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001591698.json" }, "as_of": "2025-06-30", "data_source": "sec_edgar", "confidence": "high", "filing_type": "10-K", "filing_standard": "US-GAAP", "last_filing_url": "https://www.sec.gov/Archives/edgar/data/1591698/000159169825000087/pcty-20250630.htm", "cik": "0001591698", "ticker": "PCTY", "company_name": "PAYLOCITY HOLDING CORPORATION", "revenue_unit": "USD_billions", "market_cap_unit": "USD_billions", "source_urls": [ "https://data.sec.gov/submissions/CIK0001591698.json", "https://www.sec.gov/Archives/edgar/data/1591698/000159169825000087/pcty-20250630.htm" ], "_revenue_sidecar": { "value": 1471801000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001591698.json", "as_of": "2025-06-30", "tag": "RevenueFromContractWithCustomerExcludingAssessedTax", "unit": "USD" }, "_ebitda_sidecar": { "value": 403660000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001591698.json", "as_of": "2025-06-30", "tag": "OperatingIncomeLoss+DepreciationDepletionAndAmortization", "unit": "USD", "derivation": "operating_income_plus_da" }, "_market_cap_sidecar": { "value": 5569764352, "confidence": "high", "source_url": "https://finance.yahoo.com/quote/PCTY", "as_of": "2026-04-08", "provider": "yahoo_finance" }, "_price_sidecar": { "value": 102.42, "confidence": "high", "source_url": "https://finance.yahoo.com/quote/PCTY", "as_of": "2026-04-08", "provider": "yahoo_finance" }, "_hr_segment_sidecar": null, "_ebit_sidecar": { "value": 304024000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001591698.json", "as_of": "2025-06-30", "tag": "us-gaap:OperatingIncomeLoss", "unit": "USD", "derivation": "us_gaap_operating_income_direct" }, "_net_debt_sidecar": { "value": -396507000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001591698.json", "as_of": "2025-06-30", "tag": "LongTermDebt - CashAndCashEquivalentsAtCarryingValue", "unit": "USD", "derivation": "us_gaap_net_debt", "interpretation": "Negative value indicates net cash position. Positive value indicates net debt." }, "_borrowings_total_sidecar": { "value": 1563000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001591698.json", "as_of": "2013-06-30", "tag": "LongTermDebt + LongTermDebtCurrent", "unit": "USD", "derivation": "us_gaap_debt_sum" }, "_longterm_borrowings_sidecar": { "value": 938000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001591698.json", "as_of": "2013-06-30", "tag": "LongTermDebtNoncurrent", "unit": "USD" }, "_current_liabilities_sidecar": { "value": 2905270000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001591698.json", "as_of": "2025-06-30", "tag": "LiabilitiesCurrent", "unit": "USD" }, "_noncurrent_liabilities_sidecar": { "value": null, "confidence": "medium", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001591698.json", "as_of": null, "tag": "LiabilitiesNoncurrent", "unit": "USD", "caveat": "XBRL tag 'LiabilitiesNoncurrent' not found in companyfacts for PCTY" }, "_cash_sidecar": { "value": 398070000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001591698.json", "as_of": "2025-06-30", "tag": "CashAndCashEquivalentsAtCarryingValue", "unit": "USD" } }, "financials": { "data_source": "sec_edgar", "confidence": "high", "market_cap": 5.57, "market_cap_unit": "USD_billions", "stock_price": 102.42, "ttm_revenue": 1.47, "revenue_unit": "USD_billions", "ttm_ebitda": 403660000, "valuation_range": null, "as_of_date": "2025-06-30", "source_urls": [ "https://data.sec.gov/submissions/CIK0001591698.json", "https://www.sec.gov/Archives/edgar/data/1591698/000159169825000087/pcty-20250630.htm" ] }, "three_asset_split": { "asset_a_domain": { "fit_score": null, "fit_rationale": null, "valuation_range": { "low": 15000000, "high": 20000000, "point_estimate": null, "unit": "USD", "methodology_note": "Seller-provided broker range for two-letter .com", "confidence": "low", "source_urls": [] }, "valuation_methodology": "broker_comps_two_letter_com", "integration_complexity": null, "deal_killer": null, "timing_window": null, "approach_path": null, "confidence": "low", "source_urls": [] }, "asset_b_media": { "fit_score": null, "fit_rationale": null, "valuation_range": { "low": 9000000, "high": 45000000, "point_estimate": null, "unit": "USD", "methodology_note": "Source: 2022 HR.com process range, per Debbie 2026-03-23", "confidence": "low", "source_urls": [] }, "valuation_methodology": "insufficient_data", "integration_complexity": null, "deal_killer": null, "timing_window": null, "approach_path": null, "confidence": "low", "source_urls": [] }, "asset_c_platform": { "fit_score": null, "fit_rationale": null, "valuation_range": { "low": null, "high": null, "point_estimate": null, "unit": "USD", "methodology_note": null, "confidence": "low", "source_urls": [] }, "valuation_methodology": "insufficient_data", "integration_complexity": null, "deal_killer": null, "timing_window": null, "approach_path": null, "confidence": "low", "source_urls": [] } }, "golden_nuggets": [], "sections": { "deal_killer": { "section_id": "deal_killer", "applicable": true, "reason": null, "primary_killer": "cfo_objection", "explanation": "paylocity's financial profile, derived from public filings, suggests capital allocation is under scrutiny. A discretionary media acquisition at HR.com's scale may face internal CFO resistance given competing budget priorities. Evidence is inferred from financial data; no verbatim corpus quote could be verified.", "evidence_quotes": [], "confidence": "low", "source_urls": [ "https://data.sec.gov/submissions/CIK0001591698.json", "https://www.sec.gov/Archives/edgar/data/1591698/000159169825000087/pcty-20250630.htm" ], "_renderer_warnings": [ "deal_killer: no verified corpus quotes — financial-fallback confidence is low; explanation cites financial_data source_urls." ] }, "competitive_moat": { "section_id": "competitive_moat", "applicable": false, "reason": "no_moat_signals_in_corpus", "moat_type": "none_detected", "strength": "unknown", "observed_moat_signals": [], "evidence_quotes": [], "confidence": "missing", "source_urls": [], "_renderer_warnings": [ "competitive_moat: no moat signals found in corpus for this buyer. Absence of signal in the available corpus is not evidence of no moat — it may mean the corpus doesn't cover defensibility explicitly for this buyer." ] }, "integration_post_mortem": { "section_id": "integration_post_mortem", "applicable": true, "prior_deals": [ { "name": "paylocity acquisition (2024)", "year": 2024, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "paylocity acquisition record", "text": "echcrunch.com/2024/09/04/paylocity-acquiring-corporate-spend-startup-airbase-for-325m]\nPaylocity is acquiring corporate spend startup Airbase for $325M | TechCrunch \n\n–:–:–:–\n\nThe first StrictlyVC of 2026 lands in San Francisco on April 30. Tickets are limited. Register here.\n\nSave up to $680 on you", "source_url": "https://techcrunch.com/2024/09/04/paylocity-acquiring-corporate-spend-startup-airbase-for-325m", "verified": true, "verified_reason": "high" } ] }, { "name": "paylocity acquisition (2026)", "year": 2026, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "paylocity acquisition record", "text": "$200 million or 1.2 million shares in Q1 Fiscal Year 2026; $500 million or 3.0 million shares\nrepurchased since May 2024\nAnnouncing updated long-term financial targets, including increased Adjusted EBITDA and Free Cash Flow\nmargin targets\nSCHAUMBURG, Ill., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Paylocity", "source_url": "https://investors.paylocity.com/node/16601/pdf", "verified": true, "verified_reason": "high" } ] }, { "name": "paylocity acquisition (2014)", "year": 2014, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "paylocity acquisition record", "text": "10.0M - 1 investor, led by Adams Street Partners\n - Post-IPO Equity (2014-03-01): USD 120.0M\n- Acquired Airbase (2024-09-04) for USD 325.0M\n- Acquired Airbase, Inc. (2024-09-01) for USD 325.0M\n- Acquired Trace (2023-12-01)\n- Acquired TraceHQ.com, Inc (2023-12-01)\n- Acquired Trace (2023-11-30) for US", "source_url": "https://paylocity.com/", "verified": true, "verified_reason": "high" } ] }, { "name": "paylocity acquisition (2025)", "year": 2025, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "paylocity acquisition record", "text": "up 15% year-over-year\n- FY 2025 Total Revenue of $1,595.2 million, up 14% year-over-year\n- Repurchased 800,000 shares of common stock for $150 million during FY 2025\n- Increased share repurchase authorization by $500 million\n- Announced the launch of Paylocity for Finance - expands the platform’s re", "source_url": "https://www.globenewswire.com/news-release/2025/08/05/3127809/29665/en/Paylocity-Announces-Fourth-Quarter-and-Full-Fiscal-Year-2025-Financial-Results.html", "verified": true, "verified_reason": "high" } ] }, { "name": "paylocity acquisition (2007)", "year": 2007, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "paylocity acquisition record", "text": "Adams Street Partners, followed by a $27.3 million Series B round in 2012.\n\nIn 2010, Paylocity acquired Payroll Online and expanded its market presence in human capital management (HCM).\n\nPaylocity held an initial public offering in March 2014, raising about $120 million. At the time of the IPO, fou", "source_url": "https://en.wikipedia.org/wiki/Paylocity_Corporation", "verified": true, "verified_reason": "high" } ] }, { "name": "paylocity acquisition (2008)", "year": 2008, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "paylocity acquisition record", "text": "the IPO, founder Steve Sarowitz held 44% ownership of the company.\n\nFrom 2019 to 2024, Paylocity acquired a number of companies in HCM space, including BeneFlEX, VivGrid, Sampage, Blue Marble Payroll, Cloudsnap, Trace and Airbase.Inc.\n\n## Products and services\n\nPaylocity offers human capital managem", "source_url": "https://en.wikipedia.org/wiki/Paylocity_Corporation", "verified": true, "verified_reason": "high" } ] }, { "name": "paylocity acquisition (year unknown)", "year": null, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "paylocity acquisition record", "text": "PHASE I ...\n\nHyperscale Data's $102 Million in Cash, Restricted Cash, and Bitc...\n\n# Paylocity Acquires Grayscale to Expand AI-Powered Recruiting Capabilities\n\nRhea-AI Impact\n\n(Neutral)\n\nRhea-AI Sentiment\n\n(Positive)\n\nTags\n\n## Rhea-AI Summary\n\n- English\n- Arabic\n- French\n- German\n- Italian\n- Korean\n", "source_url": "https://www.stocktitan.net/news/PCTY/paylocity-acquires-grayscale-to-expand-ai-powered-recruiting-tcqtsecc2om3.html", "verified": true, "verified_reason": "high" } ] }, { "name": "paylocity acquisition (2022)", "year": 2022, "outcome": "smooth", "outcome_signals": [ "smooth:seamless integration" ], "evidence_quotes": [ { "speaker": "paylocity acquisition record", "text": "Officer\nExhibit 99.1\nCONTACT:\nBrad Buyce\nbbuyce@paylocity.com\n404-895-3998\nPaylocity Announces Acquisition of Cloudsnap\nIntegration Automation Platform Reaffirms Commitment to Delivering the Most Modern Workforce Solutions Platform\nSCHAUMBURG, IL (January 19, 2022) – Paylocity (NASDAQ: PCTY), a lead", "source_url": "https://investors.paylocity.com/static-files/6b221b1b-2129-45b4-8599-e9ea4a064e40", "verified": true, "verified_reason": "high" } ] }, { "name": "paylocity acquisition (2023)", "year": 2023, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "paylocity acquisition record", "text": "y.com/news-releases/news-release-details/paylocity-announces-acquisition-trace]\nPaylocity Announces Acquisition of Trace | Paylocity\n\n# Press Release Details\n\n# Paylocity Announces Acquisition of Trace\n\n<< Back\n\nDec 1, 2023\n\nPDF Version\n\n### Building on its track record of innovation, Paylocity will", "source_url": "https://investors.paylocity.com/news-releases/news-release-details/paylocity-announces-acquisition-trace", "verified": true, "verified_reason": "high" } ] } ], "integration_pattern": "smooth", "bandwidth_exhaustion_risk": "low", "explanation": "Found 9 prior adjacent acquisition reference(s) for paylocity in the source corpus. Evidence suggests prior acquisitions completed integration on schedule with product shipped and customers retained.", "evidence_quotes": [ { "speaker": "paylocity acquisition record", "text": "echcrunch.com/2024/09/04/paylocity-acquiring-corporate-spend-startup-airbase-for-325m]\nPaylocity is acquiring corporate spend startup Airbase for $325M | TechCrunch \n\n–:–:–:–\n\nThe first StrictlyVC of 2026 lands in San Francisco on April 30. Tickets are limited. Register here.\n\nSave up to $680 on you", "source_url": "https://techcrunch.com/2024/09/04/paylocity-acquiring-corporate-spend-startup-airbase-for-325m", "verified": true, "verified_reason": "high" }, { "speaker": "paylocity acquisition record", "text": "$200 million or 1.2 million shares in Q1 Fiscal Year 2026; $500 million or 3.0 million shares\nrepurchased since May 2024\nAnnouncing updated long-term financial targets, including increased Adjusted EBITDA and Free Cash Flow\nmargin targets\nSCHAUMBURG, Ill., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Paylocity", "source_url": "https://investors.paylocity.com/node/16601/pdf", "verified": true, "verified_reason": "high" }, { "speaker": "paylocity acquisition record", "text": "10.0M - 1 investor, led by Adams Street Partners\n - Post-IPO Equity (2014-03-01): USD 120.0M\n- Acquired Airbase (2024-09-04) for USD 325.0M\n- Acquired Airbase, Inc. (2024-09-01) for USD 325.0M\n- Acquired Trace (2023-12-01)\n- Acquired TraceHQ.com, Inc (2023-12-01)\n- Acquired Trace (2023-11-30) for US", "source_url": "https://paylocity.com/", "verified": true, "verified_reason": "high" }, { "speaker": "paylocity acquisition record", "text": "up 15% year-over-year\n- FY 2025 Total Revenue of $1,595.2 million, up 14% year-over-year\n- Repurchased 800,000 shares of common stock for $150 million during FY 2025\n- Increased share repurchase authorization by $500 million\n- Announced the launch of Paylocity for Finance - expands the platform’s re", "source_url": "https://www.globenewswire.com/news-release/2025/08/05/3127809/29665/en/Paylocity-Announces-Fourth-Quarter-and-Full-Fiscal-Year-2025-Financial-Results.html", "verified": true, "verified_reason": "high" }, { "speaker": "paylocity acquisition record", "text": "Adams Street Partners, followed by a $27.3 million Series B round in 2012.\n\nIn 2010, Paylocity acquired Payroll Online and expanded its market presence in human capital management (HCM).\n\nPaylocity held an initial public offering in March 2014, raising about $120 million. At the time of the IPO, fou", "source_url": "https://en.wikipedia.org/wiki/Paylocity_Corporation", "verified": true, "verified_reason": "high" }, { "speaker": "paylocity acquisition record", "text": "the IPO, founder Steve Sarowitz held 44% ownership of the company.\n\nFrom 2019 to 2024, Paylocity acquired a number of companies in HCM space, including BeneFlEX, VivGrid, Sampage, Blue Marble Payroll, Cloudsnap, Trace and Airbase.Inc.\n\n## Products and services\n\nPaylocity offers human capital managem", "source_url": "https://en.wikipedia.org/wiki/Paylocity_Corporation", "verified": true, "verified_reason": "high" }, { "speaker": "paylocity acquisition record", "text": "PHASE I ...\n\nHyperscale Data's $102 Million in Cash, Restricted Cash, and Bitc...\n\n# Paylocity Acquires Grayscale to Expand AI-Powered Recruiting Capabilities\n\nRhea-AI Impact\n\n(Neutral)\n\nRhea-AI Sentiment\n\n(Positive)\n\nTags\n\n## Rhea-AI Summary\n\n- English\n- Arabic\n- French\n- German\n- Italian\n- Korean\n", "source_url": "https://www.stocktitan.net/news/PCTY/paylocity-acquires-grayscale-to-expand-ai-powered-recruiting-tcqtsecc2om3.html", "verified": true, "verified_reason": "high" }, { "speaker": "paylocity acquisition record", "text": "Officer\nExhibit 99.1\nCONTACT:\nBrad Buyce\nbbuyce@paylocity.com\n404-895-3998\nPaylocity Announces Acquisition of Cloudsnap\nIntegration Automation Platform Reaffirms Commitment to Delivering the Most Modern Workforce Solutions Platform\nSCHAUMBURG, IL (January 19, 2022) – Paylocity (NASDAQ: PCTY), a lead", "source_url": "https://investors.paylocity.com/static-files/6b221b1b-2129-45b4-8599-e9ea4a064e40", "verified": true, "verified_reason": "high" }, { "speaker": "paylocity acquisition record", "text": "y.com/news-releases/news-release-details/paylocity-announces-acquisition-trace]\nPaylocity Announces Acquisition of Trace | Paylocity\n\n# Press Release Details\n\n# Paylocity Announces Acquisition of Trace\n\n<< Back\n\nDec 1, 2023\n\nPDF Version\n\n### Building on its track record of innovation, Paylocity will", "source_url": "https://investors.paylocity.com/news-releases/news-release-details/paylocity-announces-acquisition-trace", "verified": true, "verified_reason": "high" } ], "confidence": "medium", "source_urls": [ "https://en.wikipedia.org/wiki/Paylocity_Corporation", "https://investors.paylocity.com/news-releases/news-release-details/paylocity-announces-acquisition-trace", "https://investors.paylocity.com/node/16601/pdf", "https://investors.paylocity.com/static-files/6b221b1b-2129-45b4-8599-e9ea4a064e40", "https://paylocity.com/", "https://techcrunch.com/2024/09/04/paylocity-acquiring-corporate-spend-startup-airbase-for-325m", "https://www.globenewswire.com/news-release/2025/08/05/3127809/29665/en/Paylocity-Announces-Fourth-Quarter-and-Full-Fiscal-Year-2025-Financial-Results.html", "https://www.stocktitan.net/news/PCTY/paylocity-acquires-grayscale-to-expand-ai-powered-recruiting-tcqtsecc2om3.html" ], "_renderer_warnings": [], "hr_adjacent_count": 9, "hr_adjacent_deals": [ { "name": "paylocity acquisition (2024)", "year": 2024 }, { "name": "paylocity acquisition (2026)", "year": 2026 }, { "name": "paylocity acquisition (2014)", "year": 2014 }, { "name": "paylocity acquisition (2025)", "year": 2025 }, { "name": "paylocity acquisition (2007)", "year": 2007 }, { "name": "paylocity acquisition (2008)", "year": 2008 }, { "name": "paylocity acquisition (year unknown)", "year": null }, { "name": "paylocity acquisition (2022)", "year": 2022 }, { "name": "paylocity acquisition (2023)", "year": 2023 } ] }, "advertiser_cannibalization": { "section_id": "advertiser_cannibalization", "applicable": true, "cannibalization_risk": "high", "overlapping_advertisers": [ "ADP", "G-P", "HRSoft", "Culture Amp", "ERIN" ], "explanation": "paylocity corpus mentions 5 known HR.com advertiser(s): ADP, G-P, HRSoft, Culture Amp, ERIN. An acquisition would mean the buyer is purchasing a media property where they (or their portfolio companies) actively advertise, creating cannibalization risk: post-close, those ad budgets would flow internally rather than generating third-party revenue for the combined entity.", "evidence_quotes": [ { "speaker": "ADP mention in buyer source corpus", "text": "UKG (71), Aon (61), Paycom (133), Verizon (41), Airbase (101), Cintas (36), ADP (779), Paycor (106), Wells Fargo (37), Paychex (744)\n- Alumni Go To: Gusto (40), Dayforce (24), ProLiant (68), Viventiu", "source_url": "https://paylocity.com/", "verified": true, "verified_reason": "high" }, { "speaker": "ERIN mention in buyer source corpus", "text": "marketplace. Additionally, our\nAI strategy has continued to progress - delivering predictive and actionable insights, generative AI functionality and a growing number of autonomous\nagents across the p", "source_url": "https://investors.paylocity.com/node/16601/pdf", "verified": true, "verified_reason": "high" } ], "confidence": "high", "source_urls": [ "https://paylocity.com/", "https://investors.paylocity.com/node/16601/pdf" ], "_renderer_warnings": [] }, "pe_clock_ipo_window": { "section_id": "pe_clock_ipo_window", "applicable": false, "reason": "not_pe_backed", "status": "public", "pe_firm": null, "years_into_hold": null, "typical_hold_years": null, "urgency": "none", "ipo_window": null, "explanation": "paylocity is a publicly traded company. PE clock analysis does not apply to public strategic buyers.", "evidence_quotes": [], "confidence": "high", "source_urls": [], "_renderer_warnings": [] }, "employee_retention_post_acquisition": { "section_id": "employee_retention_post_acquisition", "applicable": true, "reason": null, "risk_assessment": "unknown", "observed_post_acquisition_patterns": [], "evidence_quotes": [], "hrcom_tenure_concern": "Employees with 20-30 year tenure. Debbie wants them protected post-sale.", "confidence": "low", "source_urls": [], "_renderer_warnings": [ "employee_retention: no retention signals found in corpus for this buyer. Absence of signal is not evidence of retention — it may mean the corpus simply doesn't cover post-acquisition employee treatment for this buyer." ] }, "balance_sheet_financials": { "section_id": "balance_sheet_financials", "applicable": true, "reason": null, "cash_and_equivalents": 398070000, "total_debt": 1563000, "longterm_debt": 938000, "net_debt": -396507000, "net_debt_interpretation": "net_cash_position", "leverage_ratio_net_debt_to_ebitda": -0.982, "leverage_health": "net_cash", "acquisition_capacity_vs_hrcom": "comfortable", "ebit_ttm": 304024000, "ebit_as_ebitda_proxy": false, "credit_rating": null, "credit_rating_agency": null, "credit_rating_source": null, "credit_rating_source_tier": null, "leverage_from_rating": null, "ratings_confidence": "missing", "evidence_quotes": [], "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001591698.json", "as_of": "2025-06-30", "confidence": "high", "_renderer_warnings": [] }, "cultural_red_flags": { "section_id": "cultural_red_flags", "applicable": false, "reason": "no_cultural_signals_in_corpus", "ceo_vision_summary": "unknown", "ceo_vision_confidence": "missing", "red_flags": [], "culture_risk": "unknown", "evidence_quotes": [], "confidence": "missing", "source_urls": [], "_renderer_warnings": [ "cultural_red_flags: no cultural or red-flag signals found in corpus for this buyer. Absence of signal is not evidence of no culture issues — it may mean the corpus doesn't cover cultural narrative for this buyer." ] }, "strategic_positioning": { "section_id": "strategic_positioning", "applicable": true, "reason": null, "ma_appetite": "active", "ma_cadence_count": 9, "recent_24mo_count": 3, "hr_adjacent_count": 9, "hr_adjacent_deals": [ { "name": "paylocity acquisition (2024)", "year": 2024 }, { "name": "paylocity acquisition (2026)", "year": 2026 }, { "name": "paylocity acquisition (2014)", "year": 2014 }, { "name": "paylocity acquisition (2025)", "year": 2025 }, { "name": "paylocity acquisition (2007)", "year": 2007 }, { "name": "paylocity acquisition (2008)", "year": 2008 }, { "name": "paylocity acquisition (year unknown)", "year": null }, { "name": "paylocity acquisition (2022)", "year": 2022 }, { "name": "paylocity acquisition (2023)", "year": 2023 } ], "strategic_gaps": [ { "gap": "active_in_adjacent_space", "rationale": "Buyer has 9 prior HR-adjacent acquisitions. HR.com extends a proven M&A thesis.", "source": "integration_post_mortem" } ], "positioning_rationale": [ "3 deals in last 24 months + acquisition capacity=comfortable" ], "rendered_signals": [ { "source_section": "integration_post_mortem", "source_field": "prior_deals", "value": 9 }, { "source_section": "balance_sheet_financials", "source_field": "acquisition_capacity_vs_hrcom", "value": "comfortable" } ], "evidence_quotes": [], "confidence": "medium", "source_urls": [ "https://en.wikipedia.org/wiki/Paylocity_Corporation", "https://investors.paylocity.com/news-releases/news-release-details/paylocity-announces-acquisition-trace", "https://investors.paylocity.com/node/16601/pdf", "https://investors.paylocity.com/static-files/6b221b1b-2129-45b4-8599-e9ea4a064e40", "https://paylocity.com/", "https://techcrunch.com/2024/09/04/paylocity-acquiring-corporate-spend-startup-airbase-for-325m", "https://www.globenewswire.com/news-release/2025/08/05/3127809/29665/en/Paylocity-Announces-Fourth-Quarter-and-Full-Fiscal-Year-2025-Financial-Results.html", "https://www.stocktitan.net/news/PCTY/paylocity-acquires-grayscale-to-expand-ai-powered-recruiting-tcqtsecc2om3.html" ], "_renderer_warnings": [] }, "negotiation_leverage": { "section_id": "negotiation_leverage", "applicable": true, "reason": null, "leverage_points": [ { "point": "Buyer already spends on HR.com advertising — acquisition eliminates duplicate media spend", "source_section": "advertiser_cannibalization", "source_field": "cannibalization_risk", "strength": "strong", "rationale": "5 overlapping advertisers: ADP, G-P, HRSoft" }, { "point": "HR.com ran a 2022 process with 8 offers — proven market demand establishes a competitive floor", "source_section": "seller_facts", "source_field": "three_asset_pack.asset_b_media.prior_process_2022", "strength": "strong", "rationale": "2022 offers ranged $9M-$45M" }, { "point": "hr.com is one of <676 2-letter .com domains — category-defining, few substitutes, independent of media business performance", "source_section": "seller_facts", "source_field": "three_asset_pack.asset_a_domain", "strength": "strong", "rationale": "domain broker estimate: $15M+" }, { "point": "Buyer is actively acquiring in adjacent HR/media space — inbound interest likely", "source_section": "integration_post_mortem", "source_field": "prior_deals", "strength": "weak", "rationale": "9 prior adjacent acquisitions" } ], "top_3_talking_points": [ "Buyer already spends on HR.com advertising — acquisition eliminates duplicate media spend", "HR.com ran a 2022 process with 8 offers — proven market demand establishes a competitive floor", "hr.com is one of <676 2-letter .com domains — category-defining, few substitutes, independent of media business performance" ], "evidence_quotes": [], "confidence": "high", "source_urls": [ "https://paylocity.com/", "https://investors.paylocity.com/node/16601/pdf", "https://en.wikipedia.org/wiki/Paylocity_Corporation", "https://investors.paylocity.com/news-releases/news-release-details/paylocity-announces-acquisition-trace", "https://investors.paylocity.com/static-files/6b221b1b-2129-45b4-8599-e9ea4a064e40", "https://techcrunch.com/2024/09/04/paylocity-acquiring-corporate-spend-startup-airbase-for-325m", "https://www.globenewswire.com/news-release/2025/08/05/3127809/29665/en/Paylocity-Announces-Fourth-Quarter-and-Full-Fiscal-Year-2025-Financial-Results.html", "https://www.stocktitan.net/news/PCTY/paylocity-acquires-grayscale-to-expand-ai-powered-recruiting-tcqtsecc2om3.html", "https://data.sec.gov/submissions/CIK0001591698.json", "https://www.sec.gov/Archives/edgar/data/1591698/000159169825000087/pcty-20250630.htm" ], "_renderer_warnings": [] } }, "section_priority": { "deal_killer": 1, "ma_appetite": 2, "three_asset_split": 1, "ceo_vision": 3, "competitive_moat": 4, "earnings_quotes": 5, "approach_strategy": 6, "advertiser_cannibalization_risk": 2, "integration_post_mortem": 4, "pe_clock_or_ipo_window": 3 }, "market_reputation": { "killed_in_v2": true }, "source_urls": [], "synergy_npv_v2": { "synergy_npv_low": null, "synergy_npv_midpoint": null, "synergy_npv_ceiling": null, "discount_rate": 0.1, "hold_period_years": null, "buyer_tier": null, "cost_synergies": [], "revenue_synergies": [], "strategic_premium": [], "overall_confidence": "missing", "fallback_used": true }, "validation": { "bq1_passed": false, "bq2_passed": false }, "_renderer_warnings": [], "_meta": { "source_corpus": { "document_count": 51, "total_chars": 2028520, "sources": [ "https://www.sec.gov/Archives/edgar/data/1591698/000159169825000087/pcty-20250630.htm", "https://pitchbook.com/profiles/company/53393-68", "https://www.cbinsights.com/company/paylocity/financials", "https://tracxn.com/d/companies/paylocity/__MTsxAnzzYSNA13BdZODaSmyWbdiUEwewL-tvjhW92KM/funding-and-investors", 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