What is Paycor and why is it putting its name on the Cincinnati Bengals' stadium?
Paycor HCM Inc. is a human resources software company that provides technology for small and mid-size businesses with 10 to 1,000 workers.
"An NFL stadium is a really scarce asset – we thought it was the perfect opportunity to invest in our community and raise our brand awareness across the country," Paycor CEO Raul Villar told The Enquirer in a Tuesday interview. "It's instant credibility."
Villar said putting Paycor's name on the former Paul Brown Stadium creates name recognition with potential customers and employees. While declining to say how much Paycor is paying for the naming rights, he added the company will be able to give tickets to some employees and entertain prospective customers at the stadium.
Paycor's technology enables employers to handle payroll, benefits, recruiting, training, labor and scheduling management. The company markets its services through direct sales to companies as well as broker partnerships.
Paycor boasts more than 29,000 companies worldwide as clients.
The growing Norwood-based company employs 2,300. It went public last year and its stock is listed on the Nasdaq composite index.
Paycor lost $97 million last year on revenues of $351 million. It is expected to report results for its fiscal year ending June 30 later this month.
As a company providing tech support for other companies' HR needs, Paycor is in a competitive field. Many sponsors agree to pay for naming rights to raise their local and national profiles as well as build goodwill in their communities, which can boost sales and speed hiring.
Joe Cobbs, a sports marketing professor at Northern Kentucky University, estimated Paycor is paying between $5 million and $10 million a year for the deal. In exchange, the company gets its name out as it looks to keep growing.
"They're going to get national reach in terms of brand awareness that helps them build their business," Cobbs said.
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