Paycor CEO: Putting company's name on Bengals' stadium gives it 'instant credibility'

Alexander Coolidge, Cincinnati Enquirer
2 min read
0

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."

Raul Villar, chief executive officer of Norwood-based Paycor HCM Inc.
Raul Villar, chief executive officer of Norwood-based Paycor HCM Inc.

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 new Paycor Stadium logo.
The new Paycor Stadium logo.

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.

Paycor’s headquarters in Norwood.
Paycor’s headquarters in Norwood.

For the latest on Cincinnati business, Kroger, P&G and Fifth Third Bank, follow @alexcoolidge on Twitter.

This article originally appeared on Cincinnati Enquirer: What is Paycor? Software firm now has name on Bengals' stadium

Advertisement

Recommended Stories

  • Plug Power (PLUG) Reports Q1 Loss, Lags Revenue Estimates

    Plug Power (PLUG) delivered earnings and revenue surprises of -34.38% and 26.18%, respectively, for the quarter ended March 2024. Do the numbers hold clues to what lies ahead for the stock?

  • Can I Use My RMDs to Transfer Money Into My Roth IRA?

    If you're taking a required minimum distribution from an IRA, 401(k) or other tax-deferred account and don't need the money to cover living expenses, where should you stash that unneeded cash? Investors now need to start taking RMDs at age 73 or, if they were born after 1960, at age 75. Depending on the balances of […] The post Can I Use My RMDs to Transfer Money Into My Roth IRA? appeared first on SmartReads by SmartAsset.

  • Billionaire Bill Gates Has 51% of His Portfolio Invested in 2 Brilliant Stocks

    The Bill and Melinda Gates Foundation Trust outperformed the S&P 500 by a wide margin over the past three years, in part because of these two stocks.

  • ‘Seriously Underwater’ Home Mortgages Tick Up Across the US

    (Bloomberg) -- Roughly one in 37 homes are now considered seriously underwater in the US and that share is much higher across a swath of southern states, according to data out Thursday.Most Read from BloombergMicrosoft’s Xbox Is Planning More Cuts After Studio ClosingsAmericans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t TrackArm Slides as Tepid Outlook Fuels Concerns Over AI SlowdownStormy Daniels Will Return to Court in Test of Trump’s DemeanorNationally, 2.7% of homes carried loan ba

  • Ask an Advisor: Can a Nursing Home Take Our IRA? We Have a $100K IRA and a Trust to Protect Our Assets

    My wife and I are elderly. I have an individual retirement account (IRA) worth about $100,000, and we have a trust set up through our children to protect our assets. If one or both of us have to go into … Continue reading → The post Ask an Advisor: Can a Nursing Home ‘Take Our IRA?' My Wife and I Are Elderly. We Have a $100K IRA and a Trust to Protect Our Assets. appeared first on SmartAsset Blog.

  • Morgan Stanley Predicts up to 110% Rally for These 2 ‘Strong Buy’ Stocks

    Uncertainty is the word of the day, in reference to the near-term economic future. Sentiment will hinge on the inflation numbers due out next week. March’s figure rose to 3.5%, and April’s job numbers showed a marked slowing in the labor market; that combination has stoked fears of stagflation. But – corporate earnings from Q1 are beating expectations, and the stock market has taken a turn for the better with the S&P 500 closing just below 5,200 yesterday. Economic strategists are still optimist

  • How Much Cash Can A $300,000 Annuity Generate For Me Each Month?

    Imagine having a reliable source of income you can count on throughout your retirement. That’s the promise of an annuity. These insurance products have been designed to turn your savings into a steady stream of monthly payments. They guarantee peace of mind and financial security in your golden years. Don't Miss: Are you rich? Here’s what Americans think you need to be considered wealthy. Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you. An

  • Too many tractors: As boom times fade, farm equipment piles up

    Falling crop prices are leaving agriculture equipment sellers with an excess of unsold tractors and combines. The slower equipment sales are a knock-on effect of corn and soy prices dropping to more than three-year lows as U.S. farm income plummets and equipment makers and dealers are forced to pivot quickly after a period of booming business. Reuters interviewed ten equipment dealers, mostly in the Midwest, as well as farmers and analysts, who said low crop prices combined with persistently high interest rates are deterring farmers from purchasing machinery.

  • Roblox Stock Plunges On Firm's Weak Outlook. Investors Say 'Game Over.'

    Video game platform Roblox beat estimates for the first quarter but guided below views for the current quarter and full year. Roblox stock plummeted on the news.

  • 1 Vanguard ETF That Can Serve as a Complete Stock Portfolio

    This single Vanguard ETF provides a straightforward path to a secure retirement.