Orrick Advises Underwriters in Primary and Secondary Offering of Paylocity Common Stock

December.17.2014

Orrick represented Deutsche Bank Securities, Bank of America Merrill Lynch and William Blair & Company as joint book-running managers and representatives of the several underwriters for a follow-on public offering of 4,960,000 shares of Paylocity Holding Corporation (“Paylocity”) common stock, which resulted in gross proceeds of $130.2 million.  The company sold 750,000 shares in the offering and the remaining 4,210,000 shares were sold by selling stockholders, including shares sold pursuant to an option to purchase additional shares granted by the selling stockholders.  JMP Securities, Raymond James & Associates and Needham & Company acted as co-managers for the offering.

Paylocity (NASDAQ: PCTY) is a cloud-based provider of payroll and human capital management (HCM) software solutions.  The net proceeds to the company from the offering are expected to be used for working capital and other general corporate purposes.

The Orrick team advising on this transaction was led by Capital Markets partner Christopher Austin and included Capital Markets of counsel Stephen Ashley and associate Spencer Cohen.