GRAPEVINE, Texas--(BUSINESS WIRE)--
Paycom Software, Inc. (“Paycom”) (NYSE:PAYC), and the City of Grapevine
have entered into a tax incentive agreement whereby the City of
Grapevine will provide grants up to a total amount of $5 million in
support of Paycom’s Texas Operations Center, which will occupy
approximately 14 acres of property purchased by Paycom from the City of
Grapevine.
“We were pleased to offer an incentive package that drew an innovative
and award-winning organization like Paycom to Grapevine,” said Bob
Farley, City Economic Development Director. “An organization of this
caliber could have chosen to grow anywhere in the U.S. and we are
honored to have been selected.”
Paycom intends to complete its design and site planning for its new
Texas Operations Center in Grapevine this summer and anticipates
beginning construction in 2019, with plans to occupy the new facility in
2020. Once completed, Paycom will consolidate its Texas-based, non-sales
operations to its new facility in Grapevine.
"We are excited about our expansion to Grapevine,” said Paycom’s founder
and CEO, Chad Richison. “This step will allow us to continue to focus
our investment where we can build a capable workforce to keep pace with
our growth while serving our clients with innovative technology that
helps them manage their human capital productively.”
The Grapevine City Council approved the tax incentive agreement at its
meeting on June 5. The purchase and sale is subject to customary
diligence and inspection by Paycom and receipt of certain approvals.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are any statements that look to future
events and include, but are not limited to, statements regarding
Paycom’s business strategy; trends, opportunities and risks affecting
Paycom’s business, industry and financial results; future expansion or
growth plans and potential for future growth; and Paycom’s plan to open
additional offices and its ability to effectively execute such plan. In
addition, forward-looking statements also consist of statements
involving trend analyses and statements including such words as
“anticipate,” “believe,” “could,” “expect,” “intend,” “may,” “might,”
“plan,” “would,” “will,” and similar expressions or the negative of such
terms or other comparable terminology. These forward-looking statements
speak only as of the date hereof and are subject to business and
economic risks. As such, Paycom’s actual results may differ materially
from those set forth in the forward-looking statements as a result of
the factors discussed in its filings with the Securities and Exchange
Commission, including but not limited to those discussed in its Annual
Report on Form 10-K for the year ended December 31, 2017. Paycom does
not undertake any obligation to update or revise any forward-looking
statements to reflect events that occur or circumstances that exist
after the date on which such statements were made, except to the extent
required by law.
About Paycom
As a leader in payroll and HR technology, Oklahoma City-based Paycom
redefines the human capital management industry by allowing companies to
effectively navigate a rapidly changing business environment. Its
cloud-based software solution is based on a core system of record
maintained in a single database for all human capital management
functions, providing the functionality that businesses need to manage
the complete employment life cycle, from recruitment to retirement.
Paycom has the ability to serve businesses of all sizes and in every
industry. As one of the leading human capital management providers,
Paycom serves clients in all 50 states from offices across the country.
About Grapevine
Grapevine is home to many successful businesses as well as numerous
wineries, fine dining, nationally ranked festivals, and select
attractions and resorts. Its economic development efforts are designed
to further increase visitors and tax revenues through projects that
emphasize hospitality, entertainment and retail uses. Grapevine has
earned a well-deserved reputation as one of the nation’s premier
destinations by drawing 15 million visitors annually. Grapevine also
boasts exceptional commercial and office facilities that capitalize on
the city’s central location in one of the world’s most dynamic regions
and close proximity to the world’s third-busiest airport, providing
ready access to major U.S. and international markets. For more
information, visit GrapevineTXEcoDev.com.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180607006230/en/
City of Grapevine
Mona Q. Burk, 817-410-3463
mburk@grapevinetexas.gov
or
Paycom
Jason
Bodin, 800-580-4505 ext. 11480
media@paycom.com
Source: Paycom and City of Grapevine