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Paychex has signed an agreement to buy Oasis Outsourcing, a privately held professional employer organization for $1.2 billion in cash. Oasis has 8,400 clients using HR applications, employee benefits, payroll administration and risk management services.

The deal is expected to close before Paychex ends its first quarter on February 28.

In a prepared statement, Paychex CEO Martin Mucci said, “This acquisition will strengthen our PEO growth strategy, gain scale for new products with our insurance carrier partners, provide a new client base to offer Paychex retirement and time and attendance products, and augment our experienced management team.”

Oasis markets HR products for 16 different industries. These include architecture, banking, country clubs, education, financial services and franchisees.

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