Deluxe, which has 6,500 employees and revenues projected to top $2 billion this fiscal year, is paramount to the functioning of the financial system, helping businesses pay and get paid, and processing more than $2.8 trillion in annual payment volume, or roughly 14% of the U.S. GDP. This means much of the work Deluxe is doing now, such as supporting small businesses and any potential role in helping get government stimulus checks out to Americans, means it has to ensure its own workforce health.
With checks' use fading steadily in the digital era, CEO Barry McCarthy was scrambling to reposition the 105-year-old company for 21st-century relevance well before the current crisis unfolded.Under McCarthy's predecessors, growth was driven largely by acquisition. Deluxe had acquired more than 50 companies and allowed them to operate as separate entities. It now has a total of 80 under its umbrella.
He has spent the last year building a team to carry out his plan. He created a Transformation Leadership Office to break down barriers between parts of the company. Key is chief revenue officer Chris Thomas, who came aboard last July. His primary task is to drive organic growth. "The company of companies model made it difficult to drive a sustainable sales organization," said Thomas, who joined Deluxe after stints at DXC Technologies and Hewlett-Packard.
Deluxe CEO Barry McCarthy with Salesforce.com CEO Marc Benioff at the Dreamforce conference. The two companies have a new partnership focused on small business services.In the agreement, Deluxe will offer its customers Salesforce's cloud services for small business, Salesforce Essentials.
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