Paylocity to acquire Airbase for ~$325M cash; expands into CFO spend management

Paylocity Holding Corp

Purchase price ~$325M cash, funded via revolver; expected close in Q1/Q2 fiscal 2025.
Airbase provides AP automation, expense mgmt, corporate cards, procurement; 500+ clients avg >200 employees.
Acquisition expected to represent ~1% of FY2025 revenue; dilutes adjusted EBITDA margin ~100 bps.
Expands Paylocity TAM to Office of CFO; integrates HCM with spend management on single platform.
Paylocity had $401.8M cash at June 30, 2024; $350M share repurchase program unaffected.

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