Paylocity acquired TraceHQ.com, a platform that facilitates oversight of both workforce-management and financial functions in one place. Trace helps enable back-office activities related to managing headcount and procurement, minimizing the “back-office drag” that affects general and administrative costs.
Trace’s headcount-planning capabilities will add the integrations and workflow tools that enable business processes, Paylocity said. Paylocity’s platform offers a system of record that supports the entire employee lifecycle.
In announcing the acquisition, Paylocity Co-CEO Steve Beauchamp said CFOs at organizations of all sizes have expressed a need for more flexible solutions that analyze, approve and implement headcount plans.
Part of a Pattern
Paylocity is paying a lot of attention to the idea of unified systems. In January, for example, the company incorporated the technology of another acquisition target, Cloudsnap. Paylocity said the integration would allow its customers to combine systems that automate data exchanges.
Trace allows users to work with plans, approvals and analytics in a single place, while connecting data with HCM, ATS and financial planning solutions. It can automatically turn positions into requisitions and eliminate the need for manual hiring trackers.
The system also allows HR to review financial limits around hiring, and manage internal mobility and succession planning. Hiring managers get access to self-service planning tools that help them understand the full budget impact of their workforce-related decisions.
Earlier this year, Paylocity also launched Recognition & Rewards and Employee Voice. They’re intended to help employers improve culture and engagement and boost recruiting and retention. Paylocity also introduced an updated mobile app and enhancements to its generative AI and LMS, as well as a premium product to provide market pay data.
Paylocity said it doesn’t expect the acquisition of Trace and its seven employees to have a material impact on its financial results.