CINCINNATI ( Cincinnati Business Courier) - Paycor HCM Inc., one of Greater Cincinnati’s largest publicly traded companies, has agreed to be acquired by rival Paychex Inc. in a deal valued at more than $4 billion.

Paychex Inc. agreed to acquire rival payroll processor Paycor HCM Inc. for about $4.1 billion in cash, including debt.

Paychex's acquisition of Paycor HCM for $22.50 per share led to a 3% drop in Paycor stock. Check out my ratings on PAYX and PYCR stocks.

One of Rochester's largest employers, Paychex, is reportedly in advanced talks to acquire Paycor, an Ohio-based human resources software company best known for its naming rights to the Cincinnati Bengals' stadium, according to Bloomberg.

Payroll-services company Paychex is acquiring rival Paycor HCM in a deal with an enterprise value of about $4.1 billion.

With the acquisition, Paychex’s total addressable market, or TAM, would increase by $10 billion to $100 billion, according to a presentation posted on its investor website. Paychex’s current client base comprises 745,000 customers across the U.S. and Europe for services including payroll, human capital management tools and insurance.

Paychex announced it has entered into an agreement to acquire Paycor, an Ohio-based company. The Rochester-based company entered into the agreement in an all-cash

Paychex said on Tuesday it will acquire payroll processing firm Paycor HCM for about $4.1 billion in cash, as the HR management firm looks to broaden its artificial intelligence capabilities and consolidate its market share.