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

Payroll Incumbents Give Ground While Workforce Supply Pulls Away

This update covers what moved, what companies announced and what the transaction record showed in Human Capital Management Software from 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 page introducing the Human Capital Management Software bi-weekly industry events and M&A update for September 11–25, 2026.

   We open this bi-weekly update on Human Capital Management Software, covering the two weeks from September 11 to 25, 2026. In the pages that follow, we walk through what moved, what companies announced, what transacted and what it means for your position.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › HUMAN CAPITAL MANAGEMENT SOFTWARE Payroll Incumbents Give Ground While Workforce Supply Pulls Away This update covers what moved, what companies announced and what the transaction record showed in Human Capital Management Software from 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

   The Quarter Set the Price; The Product News Did Not

   Summarizes the two-week period's price moves and transaction record across the nine covered Human Capital Management Software names.

   We start with the bottom line: 5 of 9 covered names fell, with the median move at -0.7% against the S&P 500's +1.1% return over the same period. Paychex, Inc. (PAYX) carried the widest decline at -12.3%, while HireQuest, Inc. (HQI) moved against the group, gaining +16.8%. No new transactions entered the sector's M&A record, leaving the reference set at 40 deals with a median EV/EBITDA of 14.8x. So what: the quarter's composition, not the news cycle, is what the market priced this period.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE The Quarter Set the Price; The Product News Did Not 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 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, so the covered set trailed the broad market at the median. 2 Paychex Carried the Period's Widest Decline Paychex, Inc. (PAYX) ended the two-week period at -12.3%, with -8.8% landing on September 23 — the day it reported first quarter fiscal 2027 results and launched WISE Hire. 3 HireQuest Ran Against the Direction of the Set HireQuest, Inc. (HQI) gained +16.8% over the two-week period, including +7.2% on September 23, the widest gain among the nine covered names. 4 No New Transactions Entered the Sector Record The reference set is the trailing record of 40 transactions at a median EV/EBITDA of 14.8x, against the CY2027E sector median of 9.9x in our standing study. +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 Day Did More Work than Two Weeks of Product News

   Details close-to-close price moves for the nine covered names over the two-week period, measured against a sector-relative materiality bar.

   We size each covered name's two-week move against a sector median of -0.7% and a materiality bar of ±5.4%. Paychex, Inc. (PAYX) crossed that bar with a -12.3% move, with -8.8% concentrated on September 23, its first-quarter fiscal 2027 earnings day. HireQuest, Inc. (HQI) crossed it in the opposite direction, gaining +16.8%, including +7.2% on the same day. So what: one earnings day carried more weight than the two weeks of product news that surrounded it.

   Everything on this page

   PUBLIC MARKET MOVERS One Earnings Day Did More Work than Two Weeks of Product News 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. The gain sat well above the -0.7% median across the nine covered names. A Premium-tier name here can be workforce supply rather than payroll software, and the two do not move together. UNEXPLAINED Paychex, Inc. (PAYX) -12.3% Shares moved following the September 23 release of first quarter fiscal 2027 results — the same day as the -8.8% single-day move. Paychex also launched WISE Hire that morning; the evidence points to the quarter rather than the product. For Core-tier payroll incumbents, the market prices what sits inside the quarter, not the launches announced alongside it. COMPANY-SPECIFIC Asure Software, Inc. (ASUR) -6.4% No notable in-window news was identified that clearly explains the move. The decline ran wider than the -0.7% median across the covered set. Discount-tier names in this set travel further from the median than the scaled payroll incumbents do. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Agentic AI Moves into the Installed Base, and the Service Layer Answers Back

   Lists the two-week period's highest-impact company events and news, each linked to its source filing or article.

   We catalogue the period's highest-impact events, including Paychex's WISE Hire launch alongside its September 23 earnings release. Each entry links back to the underlying filing or article we drew it from, so the read can be checked against the source. Our 'why it matters' lines are calibrated reads of the recorded evidence, not asserted causation. So what: this page separates what companies announced from what the market actually priced.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Agentic AI Moves into the Installed Base, and the Service Layer Answers Back 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 built on its payroll system of record Recruiting workflow is being attached to the payroll system of record rather than sold beside it. Our read is that attach into the installed base, not new logos, is where the incumbents are pushing PEPM. AI capability is becoming a module attach question for every vendor with a core HR database. Sep 23 · NEWS · GlobeNewsWire Paychex reported first quarter fiscal 2027 results, citing PEO and Insurance Solutions growth The quarter put earnings composition in front of the market: growth weighted toward PEO and Insurance Solutions sits on risk-bearing revenue, which practitioners underwrite differently from subscription revenue. How the profit is built now matters more to the set than how fast the top line grew. Sep 15 · NEWS · GlobeNewsWire Paychex's WISE engine was named a 2026 Top HR Product of the Year by HR Executive Third-party recognition of an embedded AI engine is a distribution signal for the broker and referral channel that sells this category. Product credibility in the channel is becoming part of the retention story. Sep 15 · NEWS · PRNewsWire AMN Healthcare released a 2026 workforce study on gaps between leaders and frontline clinicians AMN Healthcare Services, Inc. (AMN) is putting staffing, workload and leadership gaps on the table as demand drivers for workforce supply. Our read is that this frames the case for contingent clinical capacity into 2027. Workforce supply demand is argued from client staffing conditions, not from software cycles. Sep 15 · NEWS · GlobeNewsWire Asure expanded its October conference schedule around a $1.7B enterprise payroll tax opportunity Asure Software, Inc. (ASUR) is pointing its sales motion at enterprise payroll tax, which leans on multi-jurisdiction filing content as the moat. It signals a move up-market from the small-employer end of the book. Compliance content is being sold as a standalone reason to buy, not only as a bundled feature. Sep 24 · NEWS · Business Wire Acadia Pharmaceuticals Announces Phase 3 Enabling Topline Results from Phase 2 RADIANT Study of Remlifanserin for the Treatment of Alzheimer's Disease Psychosis SAN DIEGO--(BUSINESS WIRE)--Acadia Pharmaceuticals Inc. (Nasdaq: ACAD) today announced Phase 3 enabling topline results from the Phase 2 portion of the ongoing RADIANT clinical trial program evaluating remlifanserin for the treatment of hallucinations and delu

5. 05
   M&A & STRATEGIC ACTIVITY

   Pricing Comes from the Trailing Record, Not from New Prints

   Presents the standing precedent-transaction record of 40 deals at a median 14.8x EV/LTM EBITDA, noting no new transactions entered the record this period.

   We anchor this period's M&A discussion in the trailing record: 40 recorded transactions at a median 14.8x EV/LTM EBITDA. No new prints entered the record over these two weeks, so the comparison set for acquirers and targets alike is unchanged. So what: pricing conversations should reference the standing record rather than wait on new deal flow that hasn't arrived.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Pricing Comes from the Trailing Record, Not from New Prints 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 stays the trailing record of 40 transactions at a median EV/EBITDA of 14.8x. 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 the Period Changes for Your Position

   Translates the period's price moves and unchanged M&A record into observations for owners, acquirers and advisors.

   We close with what this period changes for each seat at the table: owners and operators should read the quarter's composition, acquirers should treat the 40-deal, 14.8x reference set as unchanged, and advisors should lead conversations with earnings composition. These are observations drawn from the recorded evidence, not recommendations. So what: the two weeks gave each audience a specific, actionable lens rather than a single market-wide takeaway.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Your Position 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 The Quarter's Composition Is What Gets Read Companies in the space traded in both directions over the two-week period, and the moves tracked what sits inside the quarter rather than the announcements around it. FOR ACQUIRERS The Reference Set Is Unchanged This Period No new transactions entered the sector record, so the comparison points stay where they were: 40 trailing transactions at a median EV/EBITDA of 14.8x, against a CY2027E sector median of 9.9x in our standing study. FOR ADVISORS Lead with Earnings Composition The period's evidence separates subscription earnings from service and risk-bearing earnings.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind every figure and driver attribution used in this update.

   We close by showing our work: every figure in this update links to the filing, price record or transaction it was taken from. Driver attributions use calibrated language and reflect our reads of the recorded evidence, not asserted causation. So what: readers can verify each claim before acting on it.

   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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