Paychex Inc (PAYX)

[Penny Roger$]

Paychex, Inc. is a provider of payroll, human resource, and benefits outsourcing solutions for small to medium-sized businesses. As of May 31, 2011, the Company serviced approximately 564,000 clients. As of May 31, 2011, it serviced approximately 1,900 clients in Germany through four offices. It offers a portfolio of services and products that allow its clients to meet their payroll and human resource needs. These services include payroll processing, payroll tax administration services, employee payment services, regulatory compliance services (new-hire reporting and garnishment processing), Paychex HR Solutions, retirement services administration, insurance services, eServices, and other human resource services and products. On February 8, 2011, the Company acquired SurePayroll, Inc. (SurePayroll ). On May 3, 2011, it acquired ePlan Services, Inc.(ePlan). In January 2012, the Company acquired Icon Time Systems, Inc.