US based HR startup Deel announced that it is acquiring an Africa-based payroll and HR software and services company PaySpace for an unknown amount.
About Payspace
Johannesburg-based PaySpace currently has over 14,000 customers using its software and services in 44 countries across Europe, Latin America, Middle East and Africa.
Brothers Bruce, Clyde and Warren Clark, along with George Karageorgiadisfounded PaySpace in 2007 as a cloud-based payroll and HR platform with the goal of streamlining the laborious payroll and backup processes associated with the traditional payroll and HR software that dominated at the time.
Its clients include multinationals in various industries such as e.g Heineken, Coca-Cola drinks, and Puma Sports SA
By The Numbers
Deel recently exceeded $500 million in annual recurring revenue (ARR). The company claims to be EBITDA positive from September 2022 onwards he has $600 million stayed at the bank.
Digging deeper
Deel now owns the full HR stack — entities, local teams (legal, HR payroll) and local payroll engines — across six continents.
The company recently announced that it had took over Munich-based Zavvya startup building AI-based “people development” tools for personalized career development, training and performance management.
What they say
PaySpace Director Clyde van Wyk he said: “Like PaySpace, Deel is trying to evolve its offering through disruption. We set out to modernize the payroll industry, burdened by manual processes and stringent regulatory and compliance requirements, as Deel revolutionized global recruitment.”
Because this matters
Deel is trying to make a big push into the business with its acquisition of PaySpace.
Deel has about 25,000 customersincluding Klarna, Shopify and Hermes. The company now owns over 150 entities worldwide and manages internal in-country payroll teams in over 70 countries, in addition to offering Employer of Record, contractor, immigration, HRIS and performance management services.
Source: Techcrunch
Follow us on our WhatsApp channel, Twitterand Instagramand subscribe to our weekly newsletter to make sure you don’t miss any news.
Related