secwatch.observer — SEC 8-K summary
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Issuer:     Paylocity Holding Corp (PCTY)
CIK:        0001591698
Form:       8-K
Filed at:   2024-09-04T23:59:59+00:00
Accession:  0001591698-24-000222
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1591698/000159169824000222/0001591698-24-000222-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1591698/000159169824000222/pcty-20240829.htm
  HTML page:      https://secwatch.observer/filing/0001591698-24-000222

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