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updated: 1/31/2014 4:51 PM

Arlington Heights-based Paylocity files $115 million public offering

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Daily Herald staff report

Paylocity, an Arlington heights-based company that develops payroll and human resources management software, has filed for an initial public offering to raise up to $115 million.

The company, in a filing with the Securities and Exchange Commission that was made public Thursday, plans to list on the Nasdaq exchange under the symbol PCTV. Paylocity initially filed Dec. 6 under new SEC confidentially rules, which allows companies with less than $1 billion in revenue to file IPO plans in secret until they start seeking investors. The company said it had $91 million in sales for 2013.

Deutsche Bank, BofA Merrill Lynch and William Blair are listed as joint bookrunners on the deal, according to Nasdaq, and no pricing terms were disclosed.

Paylocity has seen significant growth over the past several years and made Deloitte's Technology Fast 500 list last year, putting it in the ranks of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Paylocity CEO Steve Beauchamp at the time credited the company's unique combination of service and technology focus for the company's growth.

The company has also been listed on numerous occasions on many top workplace lists, including the Daily Herald Business Ledger's Best Places to Work in Illinois, Inc. Magazine's 5000 list recognizing independent entrepreneurs and Chicago's 101 Best and Brightest companies by the National Association for Business Resources.

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