Paychex to Enter Brazilian Market

August 21, 2013 – Paychex, Inc., a provider of payroll, human resource, and employee benefits solutions for small and medium-sized businesses, and Sao Paulo-based Semco Partners have created a joint venture agreement to expand Paychex’s services into Brazil. Semco Partners is a portfolio management and investment company with a niche for helping market-leading businesses successfully enter the Brazilian market. “Brazil is the right place for Paychex’s first Latin American expansion for a number of reasons. It has a vibrant market of approximately five million small businesses that account for about 40 percent of the wages paid in Brazil. Also, recent and upcoming regulatory changes there increase the opportunity for outsourcing payroll and other HR services,” said Paychex president and CEO, Martin Mucci.