Tom Golisano, the founder and chairman of Paychex, has just announced his latest investment in Western New York’s economy: he is investing in a small startup tech company called Bak USA, located in Buffalo, after the company stated that it would not be able to hire 100 new employees by the end of 2015 as it had promised.
Golisano is a well-known businessman and billionaire in the WNY region, primarily for the success of Paychex, and has supported many local businesses throughout the years.
The amount of money Golisano plans to invest in Bak, as reported by the Rochester Business Journal and The Buffalo News, was not disclosed to the press, but is described as a “multimillion dollar investment” that will give Golisano a 50% ownership in the company.
Bak is a locally-owned business that manufactures tablets that can be customized to fit businesses in certain industries, and it has focused on creating tablets that are optimized for use in corporate business environments, healthcare industries, and the education industry.
The Buffalo News states that Golisano chose to invest in the company because he admired its dedication to the local WNY region, and because the company is offering a unique product that benefits other businesses. Nearly 50% of Americans owned tablets in 2014, and 25% of all online searches are now performed on smartphones and tablets — the popularity of mobile devices, coupled with Bak’s affordable prices and highly-developed software, suggest that Golisano found an investment opportunity that will have long-term benefits.
“And, of course, probably the most important thing, it’s built in the United States of America,” Golisano added.
With Golisano’s investment, Bak plans to expand its 20-person staff by more than 100, 13 WHAM News reports. Within the next five years, the company hopes to employ more than 250 local workers.