Business

Paylocity's 1Q revenues increase 45 percent

Posted November 06, 2015 12:00 am

Globe Newswire

ARLINGTON HEIGHTS - Paylocity Holding Corp. reported revenues for the first quarter of fiscal year 2016 increased 45 percent as demand for its services remained strong.

The cloud-based provider of payroll and human capital management software total revenue for the quarter of $45.1 million. recurring revenue for the period was $42.9 million.

"We continue to see strong demand for our unified payroll and HCM platform and are encouraged by the response to our ACA Enhanced product offering," said Steve Beauchamp, Paylocity president and CEO. "In October we saw record attendance at our annual client conference, where we had the opportunity to share our product roadmap and interact with clients from across the country."

As a result, the company projects total revenue for the second quarter to be in the range of $48 million to $49 million, and the year 2016 revenue to be in the range of $210 million to $214 million.

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