Oklahoma City-based Paycom Software has begun the process of undertaking an initial public offering by filing a form S-1 with the US Securities and Exchange Commission, VentureBeat reported.

A cloud-based human capital management software firm, Paycom allows companies to use their software for talent acquisition and management, time and labor management, managing payroll and human resources management. Paycom was established in 1998 and boasts of over 10,500 customers. Its workforce of 840 employees takes care of running the software from its data centers located in Oklahoma and Texas, the report said.

In its website, Paycom said their application empowers a company's workforce because it gives "instant, anywhere access to Payroll and HR data." It streamlines the process of a complete employment lifecycle because it provides "one application" that does not require integration.

Paycom started to become profitable three years ago. In 2013, it was able to rake in revenues of $105 million, representing an increase from the year-before figure of $74.5 million. Majority of the revenue was derived from its payment processing services. It net income last year was $7.7 million, the report said.

In October 2012, Workday, a rival company that offers similar services as Paycom, also debuted in the public market. Its IPO was hugely successful as its share price went up 72% on its first trading day. Paycom might be hoping to replicate this success when it starts trading in the New York Stock Exchange with the ticker PAYC, the report said.  

Paycom revealed in the form that it has other competitors in the space of managing human capital. This includes Oracle, SAP and Paychex. There are also other startups like ZenPayroll that gears their services to clients operating in the small-business market. Paycom said that some of their rivals don't charge as much as they do but it has been expanding its reach to other areas which signals continued growth for the company, the report said.