Although the deal has not been publicly announced by either company, LawSites has learned that the payroll and human resources company PayChex has acquired the legal technology company SixFifty, which in recent years has heavily focused on helping businesses automate employment law compliance and documentation.
SixFifty was owned by the Silicon Valley law firm Wilson Sonsini Goodrich & Rosati as a technology subsidiary, as well as by its CEO Kimball Dean Parker, the Utah lawyer who helped found it, and by other employees of the company.
The acquisition took place in May for an amount said to be between $70-$85 million, according to a source familiar with the deal. It appears that the deal included both cash and equity.
PayChex has made no public announcement about the deal. Although PayChex is a publicly traded company (NASDAQ: PAYX), its recent filings with the U.S. Securities and Exchange Commission make no mention of the deal.
A June 25 year-end report to investors likewise was silent about the acquisition.
Rather, recent PayChex SEC filings and news releases have focused on its recent $4.1 billion acquisition of Paycor, another payroll and talent-management software company.
Similarly, SixFifty’s website makes no mention of its acquisition, and its corporate registration filings in Delaware, where it is incorporated, and in Utah, where it is headquartered, show no change in ownership.
PayChex’s annual 10-K report, which it filed with the SEC on July 11 and which...
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