Steve Sarowitz | $1B+
Get in touch with Steve Sarowitz | Steven Sarowitz is the founder and chairman of Paylocity, a cloud-based payroll and HCM software provider. Since founding the firm in 1997, he has become a billionaire known for his data-driven approach to HR technology. A dedicated member of the Baha'i Faith, he co-founded Wayfarer Studios to produce films that elevate humanity, including the blockbuster "It Ends with Us." Despite his business success, his recent years have been marked by significant philanthropy through the Julian Grace Foundation and headlines regarding high-profile legal disputes. He remains a major shareholder at Paylocity while focusing his current efforts on social justice and film preservation.
Steve Sarowitz (born c. 1965) is an American billionaire entrepreneur and philanthropist recognized primarily as the founder and executive chairman of Paylocity Corporation, a cloud-based provider of payroll, human resources, and human capital management software solutions.[1][2]
Sarowitz launched Paylocity in 1997 to address gaps in the payroll industry by developing proprietary technology that enabled efficient, in-house-like processing for businesses, eventually guiding the company to a public listing on Nasdaq in 2014 and substantial growth in market value.[1][2] His business acumen has yielded a personal net worth exceeding $2 billion, derived largely from his stake in the firm.[2][3]
Beyond corporate leadership, Sarowitz has committed to extensive philanthropy, contributing nearly $250 million to family foundations such as Julian Grace Foundation and the now-defunct Wayfarer Foundation, with giving guided by principles from his 2014 conversion to the Baháʼí Faith, emphasizing spiritual unity and global welfare; he and his wife aim to donate $1 billion over their lifetimes while planning to dissolve the family foundation upon their passing to avoid perpetuating wealth concentration.[2][3][4]
Sarowitz also ventured into media as a partner and executive producer at Wayfarer Studios, co-founded with actor Justin Baldoni to produce films aligned with inspirational themes.[5] In 2025, this endeavor drew Sarowitz into high-profile litigation when Wayfarer Studios and associates, including Baldoni, faced lawsuits from actress Blake Lively alleging workplace misconduct during a film production, prompting counterclaims of libel and extortion totaling $250 million against media outlets; the disputes escalated to reported threats against Sarowitz's family, culminating in the abrupt closure of the Wayfarer Foundation after distributing $60 million in grants since 2021.[6][7]
Early Life and Education
Family Background and Upbringing
Steve Sarowitz was born in 1965 in Evanston, Illinois.[8] He grew up in Homewood, Illinois, as the middle child of an engineer father and a psychologist mother in an upper-middle-class household.[4]
Sarowitz was raised in the Jewish faith, with his family emphasizing its importance due to the loss of 19 relatives in the Holocaust, which he later described as instilling a strong sense of religious loyalty.[9] When Sarowitz was an infant, his mother experienced a near-death event, reporting a vision involving a tunnel, life flashbacks, and a directive to return to her family, an incident that influenced her spiritual outlook.[8]
Academic Pursuits and Degree
Sarowitz attended the University of Illinois at Urbana–Champaign, earning a bachelor's degree in economics in 1987.[10][11] This undergraduate education provided foundational knowledge in economic principles that later informed his career in business and payroll services.[1]
A 2004 business profile noted that Sarowitz changed his academic major before completing the economics degree, though specifics on the prior field of study were not detailed.[12] No records indicate pursuit of advanced degrees or specialized academic research beyond this bachelor's program.[13]
Professional Career
Initial Roles in Payroll Industry
Sarowitz entered the payroll industry in 1989 as a salesperson at Robert F. White, recognized at the time as the nation's leading independent payroll service.[1][9] He held this entry-level role for approximately two years, gaining initial exposure to payroll processing without prior knowledge of the sector.[9]
In the early 1990s, Sarowitz briefly pursued a side venture by opening Ying Yang’s Orient Express, a Chinese food delivery restaurant in Evanston, Illinois, which operated for up to three years alongside or following his payroll work, though one account describes it as failing after six months.[14][9] He re-entered the payroll field in 1994 as a sales manager for additional firms, building on his earlier experience.[9] Across three payroll services in total, Sarowitz achieved rapid success in sales and operations, eventually managing two privately held payroll companies.[14][1] This progression culminated in advice from his accountant to launch his own venture, leading to the founding of Paylocity in 1997.[14]
Establishment of Paylocity
In 1997, Steve Sarowitz established Paylocity as Ameripay Payroll Ltd., an Illinois corporation incorporated in July of that year, aiming to address deficiencies in the payroll industry by offering technology akin to in-house systems combined with the service reliability and legal safeguards of outsourced providers.[1][15] Sarowitz, drawing on over two decades of experience in payroll processing—including positions at Robert F. White Co. and management of two private payroll firms—identified a market need for more efficient, integrated solutions beyond traditional manual or basic automated services prevalent at the time.[1]
The company's early efforts centered on developing a cloud-based software-as-a-service (SaaS) platform tailored for small- to medium-sized businesses, typically employing 20 to 1,000 workers, with an initial emphasis on core payroll functionalities such as wage calculations, tax withholdings, and compliance reporting.[15] This platform, which debuted in 2002, sought to streamline human capital management (HCM) processes, enabling clients to handle payroll in-house via web-accessible tools while outsourcing complex backend operations to Paylocity's infrastructure.[1] By focusing on configurability and user-friendliness, the solution differentiated itself from competitors reliant on legacy systems or fragmented services, positioning Paylocity to capture demand for scalable, technology-driven payroll amid the late-1990s shift toward digital business tools.[15]
In November 2005, the company rebranded to Paylocity Corporation to enhance brand identity and reflect its evolving emphasis on integrated payroll and HR capabilities, a change formalized shortly before broader market expansions.[15][16] This rebranding coincided with refinements to the platform, incorporating features like time tracking and benefits administration to support comprehensive HCM, underscoring Sarowitz's vision of a unified system that reduced administrative burdens and improved data-driven decision-making for employers.[15]
Company Expansion and Public Offering
Paylocity expanded rapidly following its founding in 1997, driven by Steve Sarowitz's emphasis on innovative software solutions for payroll and human resources. The company launched its SaaS platform in 2002, addressing a market need for advanced, in-house-equivalent technology that differentiated it from traditional providers.[1] By 2001, Paylocity had acquired 700 clients and projected surpassing 1,000 the following year, reflecting strong organic growth in a competitive landscape dominated by firms like ADP, Paychex, and Ceridian.[17] This client acquisition, coupled with product innovation, positioned the company for sustained scaling, as evidenced by its workforce reaching 838 employees by December 2013.[18]
The company's growth culminated in its initial public offering on March 19, 2014, when shares began trading on the NASDAQ Global Select Market under the ticker symbol "PCTY." Paylocity closed the IPO with 8,101,750 shares sold at $17.00 per share, generating proceeds that supported further platform enhancements and market penetration.[19] Sarowitz, as founder and chairman, oversaw this transition to public markets, which valued the enterprise at approximately $603 million and enabled accelerated expansion amid rising demand for cloud-based HR solutions.[20]
Post-IPO, Paylocity's revenue trajectory underscored the effectiveness of its expansion strategy, with annual revenues climbing from $227.5 million in fiscal 2014 to over $1.4 billion by fiscal 2024, driven by recurring subscription models and broadened service offerings.[21] Under Sarowitz's ongoing board leadership, the firm maintained competitive edges through technological advancements, achieving recognition for rapid scaling in the payroll sector.[1]
Philanthropy, Media, and Advocacy
Involvement in Wayfarer Studios
Sarowitz co-founded Wayfarer Studios in 2019 alongside actor and filmmaker Justin Baldoni, establishing it as an independent production company dedicated to creating content that fosters human connection and promotes positive social impact.[22][23] The studio develops, finances, and produces feature films, documentaries, television series, and other media formats, with leadership provided by CEO Jamey Heath and President Tera Hanks.[22]
In his capacity as co-founder and co-chairman, Sarowitz has played a pivotal role in providing financial backing and strategic oversight, drawing from his entrepreneurial background to support projects aligned with values of upliftment and inspiration.[24][25] The studio's output includes documentaries such as Will & Harper and The Herricanes, as well as narrative features like Ezra and A Nice Indian Boy, emphasizing stories that highlight resilience, empathy, and societal betterment.[22]
Sarowitz's involvement reflects his broader interest in media as a vehicle for humanitarian themes, consistent with his philanthropic priorities, though the studio operates independently from his other ventures.[20]
Creation and Operations of Wayfarer Foundation
The Wayfarer Foundation was established in 2021 by Steve Sarowitz, the founder and chairman of Paylocity Corporation, as a private philanthropic entity inspired by Bahá'í principles.[6][26] Sarowitz, a follower of the Bahá'í faith, created the foundation to serve as his personal vehicle for spiritually oriented giving, following the rebranding of a prior collaborative philanthropic effort by actor Justin Baldoni to Wayfarer Studios' BeLove.org.[6] The organization's mission centered on advancing humankind spiritually toward a peaceful world by funding and partnering with nonprofits that integrate moral and spiritual dimensions into justice-oriented work.[26][27]
Operations focused on grant-making to support societal transformation, with emphasis on three broad areas: Bahá'í expansion and consolidation through the growth of Bahá'í-specific organizations; nurturing spiritual awakening in justice initiatives; and fostering universal participation in building hopeful, just communities.[28][27] The foundation received no external fundraising and was sustained entirely by Sarowitz's contributions, totaling approximately $160 million over its lifespan.[6] From inception through 2023, it distributed nearly $60 million in grants to over 200 nonprofits, including a $282,000 three-year capacity-building award to the Oikos Institute for Social Impact in 2024.[6][29] In 2023, grants exceeded $19 million, prioritizing organizations aligned with spiritual and humanitarian goals.[27][30]
The foundation maintained a lean structure, headquartered in Highland Park, Illinois, with Sarowitz as a key decision-maker alongside executive leadership.[31] Grants targeted entities promoting peace, justice, and prosperity through spiritual frameworks, often in collaboration with Bahá'í-inspired initiatives. Operations concluded in May 2025 following a board decision to sunset the entity, after which Sarowitz committed to continuing similar philanthropic efforts privately.[6][28]
Promotion of Interfaith and Humanitarian Causes
Sarowitz has actively promoted interfaith dialogue through his adherence to the Bahá'í Faith, which emphasizes the oneness of humanity and religions, including serving as a guide at the Bahá'í House of Worship in Wilmette, Illinois, where he conducts tours fostering understanding of its principles of unity.[25] He represented the Bahá'í Faith at the Parliament of the World's Religions, delivering a 2023 address on community from a Bahá'í perspective during the Chicago assembly's community plenary session.[32] Additionally, Sarowitz supported inter-religious collaboration by announcing a $100,000 challenge grant in January 2022 to the Haifa Multifaith Laboratory at the University of Haifa, aimed at mobilizing change through Jewish, Muslim, and Christian partnerships.[33]
Via the Wayfarer Foundation, which he founded in 2021 as a Bahá'í-inspired entity, Sarowitz funded initiatives advancing religious harmony, racial justice, gender equality, and public discourse on humanity's oneness, partnering with spiritually rooted nonprofits until the foundation's operations ceased on June 30, 2024.[28] The Julian Grace Foundation, his family philanthropy with approximately $60 million in assets as of 2019, has provided general operating grants to small organizations combating prejudice, including $159,000 in 2015 to the Community Activism Law Alliance for immigrant aid and $1.25 million to the YWCA's Julian Grace Innovation & Technology Institute for underserved women.[4]
Sarowitz's humanitarian efforts target vulnerable populations, with the family foundation supporting over 50 global programs for orphans, foster children, refugees, disaster relief, and socio-economic mobility.[34] He executive-produced the 2018 documentary The Gate: Dawn of the Bahá'í Faith, which highlights themes of peace and unity to educate audiences on eliminating religious prejudice.[4] Sarowitz and his wife committed in 2019 to donating $1 billion lifetime wealth to such causes, prioritizing the eradication of racism, sexism, nationalism, and religious division through targeted philanthropy.[4]
Controversies and Legal Matters
Allegations in "It Ends With Us" Production Dispute
In December 2024, Blake Lively filed a legal complaint against Wayfarer Studios, its co-founder Justin Baldoni, CEO Jamey Heath, and Steve Sarowitz, among others, alleging that Sarowitz participated in a retaliatory "social manipulation" campaign designed to discredit her after she raised concerns about on-set misconduct during the production of It Ends With Us.[35] The complaint portrays Sarowitz, as Wayfarer's co-founder, co-chairman, and primary financier—who had invested over $125 million in the company—as a close ally of Baldoni and Heath who provided strategic input to undermine Lively's narrative.[36][37]
Central to the allegations, Lively's filing claims that on August 6, 2024, at the film's New York premiere, Sarowitz declared he was "prepared to spend $100 million to ruin" her life and that of her family, pledging unlimited financial resources to support the effort.[36][35] It further accuses him of offering specific ideas to "flip the narrative," such as on August 15, 2024, suggesting portrayals of Lively's husband, Ryan Reynolds, as anti-feminist by falsely tying him to script changes deemed a "disaster."[35] The complaint frames these actions as part of a broader scheme to retaliate against Lively's complaints of a hostile work environment, including Baldoni's alleged inappropriate behavior, such as adding unapproved intimate scenes and entering her trailer undressed.[37][35]
Sarowitz is also alleged to have contributed to the environment of unprofessionalism by visiting the set during filming of a birth scene in which Lively appeared with minimal coverage, despite her prior requests for intimacy coordinators and closed sets.[36] Defendants, including Wayfarer Studios, have denied the claims, describing them as "vicious lies" intended to fabricate a smear campaign where none existed and asserting that public backlash against Lively arose organically from her promotional conduct.[37] Sarowitz's legal representatives have specifically refuted his involvement in public relations strategies or set decisions, emphasizing his limited creative role focused primarily on financing.[37] The dispute remains ongoing as of October 2025, with countersuits filed by Baldoni's team alleging extortion and defamation by Lively, Reynolds, and their associates.[37]
Personal Life and Interests
Family and Religious Beliefs
Sarowitz is married to Jessica Sarowitz, a social impact investor, filmmaker, real estate developer, and CEO of 4SBay Partners, whom he raised their two children alongside in a Jewish tradition despite his personal shift in faith.[8][38] The family resides in Highland Park, Illinois, in a Tudor-style home.[25]
Raised in a Jewish family, Sarowitz first encountered the Baháʼí Faith during his time at the University of Illinois, where he heard about it at the Jewish Student Center and found its emphasis on unity appealing, though his formal adoption came gradually years later through study circles prompted by a friend.[10][8] He describes the Baháʼí teachings as aligning with his views on the oneness of humanity and racial justice, core tenets that reject prejudice and promote global unity under a single divine source across religions.[39] As a dedicated Baháʼí, Sarowitz has executive-produced projects like the documentary The Gate: Dawn of the Bahá'í Faith, which chronicles the religion's origins in 19th-century Persia amid persecution, and integrates its principles—such as viewing work as worship and eliminating extremes of wealth and poverty—into his business and philanthropic endeavors.[25][6]
Athletic Pursuits and Community Recognition
Sarowitz is an avid runner with a history of competitive participation in road racing events. He has been inducted into the Chicago Area Runners Association (CARA) Hall of Fame for his contributions and achievements in the local running community.[25] Additionally, he secured three victories in the Masters Senior Elite (MSE) Division of the Chicago Chase, a prominent regional race.[25]
During his high school years, Sarowitz trained with the Niles West Oakton Runners Club under coach Mike Savage, whose team captured the Chicago Area Track Club Championship.[40] This early involvement underscores his longstanding commitment to the sport, which he has maintained alongside his professional endeavors.[20]
In recognition of his broader community impact, including athletic and entrepreneurial efforts, Sarowitz received the Ernst & Young Entrepreneur of the Year award for the Midwest region in 2019, highlighting his role in fostering innovation and local economic growth.[41] His running accomplishments and leadership in Chicago's sports scene have further solidified his standing within regional athletic circles.
Disclaimer: This profile is based on publicly available information. No endorsement or affiliation is implied.
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