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.
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.
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.
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.