Investment Thesis
With less than 4% penetration into the current $18 billion TAM, Paylocity (PCTY) has tremendous growth opportunity in front of it. The company's organically developed, unified suite of payroll and human capital management ((HCM)) applications are highly configurable and provide intuitive self-service functionality for employees and managers combined with seamless integration across all its solutions. Specifically designed to meet the needs of medium-sized organizations, Paylocity's solutions are better than many of its competitors, allowing it to snatch customers from industry giants such as Automatic Data Processing (ADP) and Paychex (PAYX). Although there are