[Australia] Deel completes PayGroup acquisition

Deel has completed its AU$121 million acquisition of APAC-based payroll and HCM company PayGroup Limited. PayGroup is now part of Deel and has been delisted from the Australian Stock Exchange, Business Wire reports.

Initiated in July 2022, the acquisition’s completion positions San Francisco-based payroll company Deel as a leader in the global payroll and human capital management (HCM) space. 

PayGroup has a strong presence in APAC countries such as Australia, New Zealand, India, the Philippines, Singapore, Malaysia and Japan. It reportedly processes roughly AU$12 billion in payroll per year for over 3,000 businesses. The company has achieved steady growth in 2022, targeting an annual recurring revenue of AU$39 million and is EBITDA positive.

PayGroup’s HCM and in-house payroll software provide solutions for enterprise clients spanning many industries, from staffing and workforce management companies, to retail and franchise clients such as Nike and Subway. PayGroup’s unique positioning in APAC has reportedly allowed the company to develop strong partnerships with some of the world’s best global payroll companies to power their platforms. 

The acquisition of PayGroup gives Deel a more powerful multichannel strategy for implementing its platform and technology - both directly and indirectly - to customers and partners.

Deel and PayGroup have been actively working on their integration and with payroll coverage in 90+ countries, Deel and PayGroup now reportedly offer an unmatched solution on the market. They expect to announce a new merged version of their software solution in H1 2023, combining PayGroup’s 15+ years of expertise in delivering HR and payroll software solutions with Deel’s simple, customer-centric platform. 

All PayGroup’s team members have reportedly joined Deel.

Philippe Bouaziz - Deel co-founder and CFO - said, “Together, we are building the first truly global solution in the payroll and HCM industry, giving businesses around the world the ability to hire, pay, and manage the best talent, no matter where they’re located. The completion of the acquisition scales our payroll and HCM expertise, expands our customer base in the region, and reinforces our leadership in the global payroll space.”

Source: Business Wire

(Quote via original reporting)

Deel has completed its AU$121 million acquisition of APAC-based payroll and HCM company PayGroup Limited. PayGroup is now part of Deel and has been delisted from the Australian Stock Exchange, Business Wire reports.

Initiated in July 2022, the acquisition’s completion positions San Francisco-based payroll company Deel as a leader in the global payroll and human capital management (HCM) space. 

PayGroup has a strong presence in APAC countries such as Australia, New Zealand, India, the Philippines, Singapore, Malaysia and Japan. It reportedly processes roughly AU$12 billion in payroll per year for over 3,000 businesses. The company has achieved steady growth in 2022, targeting an annual recurring revenue of AU$39 million and is EBITDA positive.

PayGroup’s HCM and in-house payroll software provide solutions for enterprise clients spanning many industries, from staffing and workforce management companies, to retail and franchise clients such as Nike and Subway. PayGroup’s unique positioning in APAC has reportedly allowed the company to develop strong partnerships with some of the world’s best global payroll companies to power their platforms. 

The acquisition of PayGroup gives Deel a more powerful multichannel strategy for implementing its platform and technology - both directly and indirectly - to customers and partners.

Deel and PayGroup have been actively working on their integration and with payroll coverage in 90+ countries, Deel and PayGroup now reportedly offer an unmatched solution on the market. They expect to announce a new merged version of their software solution in H1 2023, combining PayGroup’s 15+ years of expertise in delivering HR and payroll software solutions with Deel’s simple, customer-centric platform. 

All PayGroup’s team members have reportedly joined Deel.

Philippe Bouaziz - Deel co-founder and CFO - said, “Together, we are building the first truly global solution in the payroll and HCM industry, giving businesses around the world the ability to hire, pay, and manage the best talent, no matter where they’re located. The completion of the acquisition scales our payroll and HCM expertise, expands our customer base in the region, and reinforces our leadership in the global payroll space.”

Source: Business Wire

(Quote via original reporting)