HCM / Payroll / PEO M&A: Retention, Compliance & Add-On Appetite
PEO, payroll, and HCM M&A rewards sticky PEPM subscriptions, low tax-notice rates, and clear upsell lanes. This guide shows how retention (GRR/NRR), compliance maturity, switching friction, and module attach convert into defendable EBITDA multiples, tighter structures, and smoother confirmatory diligence.