Paylocity names new president

ARLINGTON HEIGHTS -- Paylocity, an independent payroll services provider, named industry veteran Steven R. Beauchamp its new president and chief operating officer. In ten years, founder Steve Sarowitz has grown the firm from a three-person start-up to a $17.5 million corporation with 150 employees. Beauchamp has extensive experience, particularly in the areas of product strategy and development, as well as acquisitions. Most recently he served as vice president of product management and corporate officer for Paychex Inc.

Illinois Tool Works reports growth

GLENVIEW -- Illinois Tool Works Inc. reported an operating revenue increase of 15.9 percent for the three months ended Aug. 31. Total revenue growth was in line with company expectations. Operating revenues for the three-month period consisted of a 10.4 percent increase from acquisitions net of divestitures. The company's strong acquisition pace over the past 12 months resulted in continuing double-digit growth in acquisition revenues.