Your Tech Story

Service provider

Roper Technologies

Roper Technologies – The Journey Of A Home Appliances Maker To Becoming A Conglomerate.

Leave a Comment / Story, Tech Story / By

Technology has become an essential part of our lives, and we can’t only include computer and mobile technology in the category, but it has a vast scope. There are companies that specialize in one niche, but many are there to offer almost every type of technology service. Roper Technologies is one such conglomerate with an extended scope. The company is based in America and serves diversified industries and offers services like radio Frequency Technology, Industrial Technology, Scientific Technology, Energy Systems, Controls, etc. The company is a unicorn with a worth over 3 billion annual revenues.

About Roper Technologies

Roper Technologies was founded in 1890, over a century ago. It started as a home appliances company and later expanded into miscellaneous technology-related products. George D. Roper was the founder of the company, and Neil Hunn is the current president and CEO of Roper Technologies. It is a publically traded company and trades on New York Stock Exchange as ROP. The products by the company include Industrial technology, radio frequency (RF) technology, scientific and industrial imaging, energy systems and controls, and instrumentation. As of 2021, over 1800 thousand people were working for Roper, and it made annual revenues worth US$ 3,238.128 million in 2013. The company is operational in more than 100 countries.

Roper Technologies
Image source: getlogo.net

The Founding

George D. Roper is the founder of Roper Technology Inc. He founded the company in 1890 as the manufacturer of home appliances. The journey of Roper to become a conglomerate started with multiple acquisitions. In 1906, the company acquired Trahem Pump Co., and in the following years, it acquired names like David Bradley Manufacturing Works (1966), Sunquest Information Systems (2012), Vertafore (2020), etc. These acquisitions made the company start services like pump manufacturing, outdoor lawn equipment, radio frequency identification(RFID), diagnostic and laboratory software (development), etc.

In the period of hundred years, the ownership for the company and its subsidiaries also went under other players who were responsible for the overall growth of Roper. The Florence Stove Co. of Kankakee had acquired the Roper’s stove business in 1957. Electrolux took over the company’s lawn and garden equipment wing in 1988. In 1989, Whirlpool Corporation acquired Roper as a whole brand and had an IPO in 1992. Roper was operating as Roper Industries Inc, and in 2015, it had a name change to Roper Technologies Inc. Today, Roper is operational in over 100 countries. It operates through its subsidiaries, including DAP Technologies, IPA, LLC, Media Cybernetics, Princeton Instruments, Roper Pump Co., DAT Solutions and TransCore, Data Innovations, ConstructConnect, and DAT Solutions, etc.

The CEO at Roper Technologies

Neil Hunn is the president and CEO at Roper Technologies Inc. He has got a bachelor’s degree in finance and accounting from Miami University and an MBA from Harvard Business School.

Hunn started his career at Deloitte Consulting as a Business Analyst. He then worked at The Parthenon Group for a year as a consultant and switched to MedAssets in 2001, working as the SVP, Corporate Development. After working for over five years, he was promoted to be the Chief Financial Officer in 2007 and then the President of the Revenue Cycle Technology in the same company in 2010.
Hunn joined the Roper Group in 2011 and worked as the President of the medical segment of Roper Technologies. In July 2017, he became the Executive Vice President, and in 2018, he was promoted to be the COO of the company. Hunn became the President and Chief Executive Officer at Roper Technologies in 2018.

LifeWorks

LifeWorks – A professional services company that was originally famous as Morneau Shepell.

Leave a Comment / Story, Tech Story / By

LifeWorks is a leading human resource services and technology company founded in 1966. The company was previously known as Morneau Shepell and in May 2021 the shareholders voted to change its name to LifeWorks. It is a publicly-traded company with headquarters based in Toronto, Ontario, Canada.

The services provided by the company are administrative outsourcing, health, and benefit, management, asset, and risk, etc. LifeWorks is listed on the Toronto Stock Exchange and currently has a market capitalization of $2 billion. The company has made several big acquisitions over the year and offers services to more than 24,000 clients across the globe.

About LifeWorks

The main goal of LifeWorks is to offer personalized solutions to the people who need it and how they need it. In the digital era, every solution in every sector needs to combine with technology to deliver results that are optimal for the customers. So, LifeWorks combine its solutions with AI-based technologies that are simple and easily accessible for HR people. LifeWorks offers financial strategies, physical and mental support, and also choices for building strong social relationships. It covers every aspect of a person’s life to make a real difference in the community.

History of Morneau Shepell

Back in 1966, Frank Morneau founded an actuarial and consulting firm called W. F. Morneau & Associates. The first US office of the company was established in 1987 and after five years established a strategic alliance with Coopers & Lybrand. This alliance led to the acquisition of pension consulting and actuarial business of the latter by Morneau. In 1996, the company launched its administrative outsourcing practice and next year merged with Sobeco. The new company was named Morneau Sobeco where Bill Morneau became the new President and CEO.

After the merger, the company made its first acquisition in 1998 with the Canadian pension consulting firm Deloitte & Touche. After stepping into the 21st century, the company became an income trust, Morneau Sobeco Income Fund (MSIF) in 2005. Morneau eventually started to expand geographically and that led to the acquisition of several companies. In 2006, Morneau acquired Health Benefits Consulting (a Canadian firm) followed by the defined benefit pension business of Cowan Benefits Consulting in 2007.

In 2008, Morneau acquired Shepell-FGI which was the country’s largest provider of employee health and productivity solutions. After the acquisition was completed, Morneau Sebeco’s name was changed to Morneau Shepell. The acquisition was completed for $321.9 million from the Clairvest Group. In the same year, the company also acquired an actuarial firm, Leong & Associates.

LifeWorks
Image source: businesswire.com

Recent Events

In 2011, Morneau Shepell restructured its income trust (MSIF) into a public corporation called Morneau Shepell Inc. The same year it also acquired Jacques Lamarre & Associates to expand its presence in Quebec. In 2012, Morneau acquired a Canadian pension and benefits administration firm, Mercer Canada. To enhance its benefits administration platform, the company acquired SBC Systems in 2012. In 2013, Morneau acquired two companies, namely, Collage Pediatric Therapy and the worker’s compensation business of Dion Durrell.

In 2014, Morneau acquired Blue Ballon Health Services which is one of the many companies it acquired in the healthcare sector. It also acquired Pacific Risk Management Corp and Groupe AST in the same year. Next year, Morneau acquired another healthcare business (health and welfare benefits administration of Ceridian). In 2016, Morneau completed its 50th anniversary. In 2018, it acquired LifeWorks and decided to change its name three years later. Some of the other companies acquired by LifeWorks are MorningStar Health, Pro-Health Group, Chestnut Global Partners, etc.

Stephen Liptrap – President and CEO of LifeWorks

Stephen Liptrap, the current CEO and President of LifeWorks joined the company in 2008 as a member of the senior executive team. When he joined LifeWorks, he had 25 years of experience in the retail and packaged goods sector. He became the general manager and executive VP of the company’s largest business unit. Liptrap has also played his role as the COO of the company for almost a year. He graduated from Harvard Business School in 2016. He is also a Certified Human Resources Executive.

paychex

Paychex – Helping The Small-Medium Business With Their Payroll & Human Resources Services.

Leave a Comment / Story, Tech Story / By

In the old times, people were hired just because they were needed, but with the industrial revolution, the process of hiring people became a skillful trade. With time and advancements in technology, the field of human resources became a separate entity and an equally important part of a company like the others. Today, the field itself has a different set of rules, programs, software, and in fact, companies. Paychex is one of the leading human resource, payroll, and benefits outsourcing companies that is providing its services for small to medium-sized businesses around the world. It is a fifty years old corporation and has clients in almost every country in the world.

About the Company

Paychex is an American company with its headquarters based in Rochester, New York. B. Thomas Golisano founded Paychex in 1971, and for the past 50 years, the company has established over 100 offices in different sites across the globe. The company has a client base as big as 670,000 in the U.S. and Europe only, and as of 2018, about 14,300 are working for the company. The company deals in Payroll, HR, Benefits, and Insurance services, whereas, the United States, Germany, Brazil, Denmark, Norway, Sweden are the major countries of service for Paychex. As per the 2018 records, the company held assets worth US$ 7.46 billion and made revenues worth US$ 3.38 billion.

paychex
Image source: prnewswire.com

Founding of Paychex

B. Thomas Golisano founded Paychex in 1971 in Rochester, New York. Before founding the company, he worked at Electronic Accounting Systems (EAS) as a sales manager. EAS was a human resource company that offered its expensive services to well-established companies in the area. This ignited the idea in Golisano’s mind of having similar services for small to medium size businesses at affordable prices. After researching for quite a while, he realized that his idea had a lot of potentials, so he decided to start a payroll service for small businesses that was also affordable for them.
Before starting his company, Golisano reached out to the head of EAS with the idea to market a similar service for the small business. But the company was not interested in targeting the small businesses, despite it helped Golisano to rent a space, and he started Paychex as PayMaster with a $3000 capital in 1971.
Since PayMaster was going to target small businesses, the fees were quite minimal and based on the number of employees in the company. Also, there were no unnecessary formalities of form filling and submitting to the company. In fact, the clients just had to contact PayMaster through a phone call, and the rest was in the hands of Paychex. Within a year, Paychex had got 42 clients, and in the next five years, the number raised to 300 clients in the Rochester area.
The expansion of the company started with opening a branch in Syracuse in partnership between Golisano and his friend and selling a franchise to another friend to work in Miami. By 1979, the company had reached 22 cities and employing 200 people to serve 5,700 clients. In 1983, the company went public on NASDAQ, setting a record of steady growth.
By 1986, Paychex had raised to 60,000 clients and 58 offices. By the end of the 80s, the company profits were doubled. During the same time, Paychex also made some acquisitions like Minneapolis-based Purchase Payroll. The company also spent money on staff training and made sure that the clients were served professional assistance. At the beginning of the 90s, Paychex added services like Paylink, Reportlink, Taxpay service, and Human Resource Services, etc.
In 1996, Paychex acquired Californian company Olsen Computer Systems Inc. and Florida’s National Business Solutions. In 2002, the company was listed in the Fortune’s list of “100 Best Companies to Work For” in the United States. The company’s revenues also exceeded $9 billion in 2017. The next year, Paychex won the World’s Most Ethical Companies by Ethisphere for the 11th time in a row, and Forbes listed it 76th on its list of the World’s Most Innovative Companies.

The Founder/CEO

Blase Thomas Golisano founded Paychex in 1971. He is an American entrepreneur and author. He was born on 14 November 1941 in Rochester, New York, the U.S. He went to Alfred State College and has a degree in Business Administration. Before founding Paychex, he worked at EAS as a sales manager. He served the company as the president and the CEO from 1971 to October 2004. Currently, he is the chairman of the board of the company. According to Forbes 400 list, he is the 238th wealthiest person in America.