Human Capital Management Software Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › HUMAN CAPITAL MANAGEMENT SOFTWARE

Results Day Marks the Payroll Names While Buyers Stay on the Sidelines

This update covers what moved, what companies announced and what the transaction record showed across Human Capital Management Software for September 11–25, 2026.

September 11–25, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25

Human Capital Management Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › HUMAN CAPITAL MANAGEMENT SOFTWARE

   Cover slide introducing the bi-weekly Human Capital Management Software update for September 11–25, 2026.

   We open this bi-weekly update on Human Capital Management Software, covering what changed, who moved, what transacted and what it means for September 11–25, 2026.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › HUMAN CAPITAL MANAGEMENT SOFTWARE Results Day Marks the Payroll Names While Buyers Stay on the Sidelines This update covers what moved, what companies announced and what the transaction record showed across Human Capital Management Software for September 11–25, 2026. September 11–25, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25 Human Capital Management Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Earnings and Product News Did the Marking; The Deal Record Stayed Quiet

   Summarizes the two-week period's public market moves and deal activity across the nine covered names.

   We start with the two-week scorecard: five of nine covered names fell, and the group's median move of -0.7% lagged the S&P 500's +1.1% return. Paychex, Inc. (PAYX) posted the period's sharpest decline at -12.3%, tied to an -8.8% single-day move on its earnings date, while HireQuest, Inc. (HQI) led gainers at +16.8%. With no new transactions recorded, the trailing 40-deal record's 14.8x median EV/EBITDA continues to anchor sector pricing. So this two-week window's real signal is earnings and product catalysts, not deal flow.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Earnings and Product News Did the Marking; The Deal Record Stayed Quiet The two-week period in one page · 9 covered names, close-to-close · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Human Capital Management Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 The Covered Set Leaned Down While the Index Went the Other Way 5 of 9 covered names fell; the median move was -0.7%. The S&P 500 returned +1.1% over the same two-week period. 2 Paychex Took the Period's Largest Decline Around Its Quarterly Print Paychex, Inc. (PAYX) ended the two-week period at -12.3%, with a -8.8% single-day move on Sep 23, the day it reported first quarter fiscal 2027 results. 3 HireQuest Led the Gainers by a Wide Margin HireQuest, Inc. (HQI) returned +16.8%, with +7.2% on Sep 23 — far above the median move of -0.7%. 4 No New Transactions, so the Trailing Record Still Sets the Reference The 40 prior transactions in the record carry a median of 14.8x EV / EBITDA, against a sector median of 9.9x on a CY2027E basis. +16.8% Best mover — HireQuest, Inc. (HQI) worst: PAYX -12.3% · 4 up / 5 down of 9 covered -0.7% Sector median two-week return vs S&P 500 +1.1% 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   One Earnings Print, One Rally, and a Wide Gap in Between

   Shows each covered name's close-to-close price move for the two-week period against the sector median and S&P 500.

   We size every covered name's move against a -0.7% sector median and a +1.1% S&P 500 return, using a 5.4% materiality bar to flag what's noteworthy. Paychex, Inc. (PAYX) stands out on the downside at -12.3%, including a -8.8% move on the day it reported results. HireQuest, Inc. (HQI) stands out on the upside at +16.8%, with a +7.2% move on the same date. This wide dispersion between one name and the rest is the clearest read of the period's market activity.

   Everything on this page

   PUBLIC MARKET MOVERS One Earnings Print, One Rally, and a Wide Gap in Between Bi-Weekly moves, close-to-close · September 11–25, 2026 · sector median -0.7% · S&P 500 +1.1% · materiality bar ±5.4% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Human Capital Management Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -0.7% HireQuest, Inc. (HQI) +16.8% No notable in-window news was identified that clearly explains the move. At +16.8%, the return sits well above the median move of -0.7%. Premium-tier workforce-supply names can travel a long way from the middle of the set in one window. UNEXPLAINED Paychex, Inc. (PAYX) -12.3% Shares moved following the September 23 release of first quarter fiscal 2027 results, which the company described as double-digit EPS growth with strong PEO and Insurance Solutions revenue. The largest daily move, -8.8%, came that day. Core-tier payroll names are marked on the earnings engine, not the product news around it. COMPANY-SPECIFIC Asure Software, Inc. (ASUR) -6.4% No notable in-window news was identified that clearly explains the move. At -6.4%, the return sits below the median move of -0.7%. Smaller Discount-tier names swing more than the middle of the set over a two-week window. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   AI Agents Move into the Payroll Stack, and the Incumbent Refreshes Its Board

   Ranks the two-week period's highest-impact company news and industry catalysts by significance.

   The headline catalysts this period center on AI agents entering the payroll stack and board refresh news at the incumbent. Each item links back to its underlying filing or article, and we flag why it matters using only what's recorded in the window. Paychex, Inc. (PAYX)'s earnings print stands out as the clearest driver behind a recorded price move, while other headlines carry less immediate price impact. Reading these events together shows where the competitive story is moving before it shows up in the transaction record.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS AI Agents Move into the Payroll Stack, and the Incumbent Refreshes Its Board The two-week period's highest-impact events · titles link to the underlying filing or article · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Human Capital Management Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 23 · NEWS · GlobeNewsWire Paychex launched WISE Hire, an agentic AI recruiting product for its client base Recruiting sits next to core HR and payroll in the same system of record. Selling it into the installed base is module attach, which is where PEPM growth in this sector has been built. Attach into an existing payroll base is still the cheapest route to more revenue per client. Sep 23 · NEWS · GlobeNewsWire Paychex reported first quarter fiscal 2027 results Management pointed to PEO and Insurance Solutions revenue growth alongside wider operating margins. Results day, not product day, is when these models get marked. Sep 15 · NEWS · GlobeNewsWire Paychex's WISE engine was named a 2026 Top HR Product of the Year by HR Executive Outside recognition of an embedded AI engine shows where the incumbent wants the buyer conversation: unified core HR and payroll data rather than separate point tools. Product credibility is becoming part of the retention argument in the mid-market. Sep 15 · NEWS · PRNewsWire AMN Healthcare published a 2026 workforce study on staffing, workload and leadership gaps Demand in workforce supply follows staffing pressure at the employer. The study puts AMN Healthcare Services, Inc. (AMN) in front of the same health system leaders who buy its placements. Care-delivery staffing demand runs on frontline workload, not on procurement calendars. Sep 15 · NEWS · GlobeNewsWire Asure expanded its 2026 conference presence around a $1.7B enterprise payroll tax opportunity Taking payroll tax filing up-market is a bid on multi-jurisdiction compliance content as an accumulated moat, aimed at larger employers than the company's historic small-employer book. Tax filing and compliance content remain the part of the stack a smaller vendor can sell upward. Sep 24 · NEWS · Business Wire A newswire item tagged to ADP carried no ADP-specific development The substantive item at Automatic Data Processing, Inc. (ADP) in this window was the board nomination announcement rather than this release. Tagged news feeds are worth checking before a comparison set is built from them.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Transaction Record Holds the Pricing Reference

   Presents the trailing 40-transaction precedent record and its median EV/EBITDA multiple as the period's pricing reference.

   No new transactions were announced this period, so the trailing record of 40 recorded deals continues to set the pricing reference. That record carries a median of 14.8x EV/LTM EBITDA, well above the sector's 9.9x median. We read this gap as a signal that recorded control premia have historically outpaced where public multiples sit today. For acquirers and targets alike, this is the number to anchor conversations to until fresh deals print.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Transaction Record Holds the Pricing Reference September 11–25, 2026 · precedent transactions: 40 recorded deals · median 14.8x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Human Capital Management Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The reference set is unchanged: 40 prior transactions carry a median of 14.8x EV / EBITDA, against a 9.9x CY2027E sector median for the public set. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 14.8x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What This Two-Week Period Changes for You

   Translates the two-week period's evidence into implications for owners, acquirers and advisors.

   For owners and operators, this period's announcements centered on module attach, in-system recruiting, and payroll tax compliance sold up-market. For acquirers, the absence of new transactions means the 40-deal trailing record and its 14.8x median EV/EBITDA remain the reference point against a 9.9x sector median. For advisors, the clearest evidence is Paychex, Inc. (PAYX)'s PEO and Insurance Solutions growth alongside Asure Software, Inc. (ASUR)'s push of payroll tax into larger employers. Together, these threads point toward where the next real catalysts are likely to originate.

   Everything on this page

   WHAT IT MEANS What This Two-Week Period Changes for You The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Human Capital Management Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-25 EV / EBITDA (CY2027E) median 9.9x 9 companies in the study 3 valuation tiers Standing thesis: Human Capital Management Holds Three Models — Workforce Applications, Workforce Supply and Care Delivery FOR OWNERS & OPERATORS Attach and Retention Carried the Period's Announcements Companies in the space traded in both directions, and what they announced ran to module attach, recruiting inside the payroll system of record, and payroll tax compliance sold up-market. FOR ACQUIRERS Fresh Evidence Is Operating, Not Transactional With no new transactions announced, the trailing record of 40 prior transactions and its 14.8x median EV / EBITDA stays the pricing reference against a 9.9x CY2027E sector median. FOR ADVISORS Lead with Earnings Composition The clearest evidence in the window is Paychex, Inc. (PAYX) reporting PEO and Insurance Solutions growth with wider margins, and Asure Software, Inc. (ASUR) pushing payroll tax into larger employers.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources, methodology and evidentiary standards behind every figure in this update.

   Every figure in this update ties back to a recorded source — SEC filings, company press releases, or established outlets — so nothing here rests on unlinked claims. We hold driver attributions to calibrated language, treating them as our read of recorded evidence rather than proven causation. This discipline is what lets you rely on the update's figures as a starting point for your own diligence. So the numbers you see are traceable, not just asserted.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 11–25, 2026 · market data through 2026-09-25 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Human Capital Management Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260925T155112Z_640_prod (market data as of 2026-09-25) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · prnewswire.com · businesswire.com

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