Paychex (PAYX) said Tuesday it agreed to acquire Paycor HCM (PYCR) in an all-cash transaction for $22.50 per share for an enterprise value of about $4.1 billion.

The agreement has already been unanimously approved by the boards of both human resources management software companies.

Paychex said it expects the acquisition to be neutral to slightly accretive to adjusted diluted EPS in the first fiscal year after the anticipated H1 close and accretive in the second fiscal year and beyond.

Shares of PAYX were up 6.6% while PYCR shares were off 3.5% in recent premarket activity.