Benzinga | May 13, 2021 05:40PM EDT

Paycom Software Increases Buyback Plan

Paycom Software, Inc. ("Paycom") (NYSE:PAYC), a leading provider of comprehensive, cloud-based human capital management software, today announced that its Board of Directors has increased and extended its ongoing stock repurchase plan, such that $300 million is available for repurchases between May 14, 2021 and May 13, 2023.

"With our strong recurring revenue model and balance sheet, we are in a position to increase our share repurchase plan and opportunistically return value to stockholders," said Paycom's founder and CEO, Chad Richison. "While macroeconomic uncertainty may periodically impact our stock, we see tremendous value in our long-term growth opportunities as we still only have approximately 5% market share of a large and growing total addressable market. Demand for our innovative software solution continues to be at an all-time high as employers and employees across the U.S. experience the benefits of our differentiated employee usage strategy and our ongoing focus on automation."

Shares may be repurchased from time-to-time in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws, including Rule 10b5-1 programs, and the repurchase plan may be suspended or discontinued at any time. The actual timing, number and value of shares repurchased will be determined by a committee of the Board of Directors at its discretion and will depend on a number of factors, including the market price of Paycom's common stock, general market and economic conditions and other corporate considerations.