Talent management software vendor ELMO has bought cloud-based remuneration applications provider Pivot Remesys Group for AUS$8.8 million (US$6.8 million) to broaden out its market reach.
The deal comes three months after the Sydney, Australia-based company took over Software-as-a-Service-based (SaaS) payroll system supplier Sky Payroll, for up to AUS$1.8 million (US$1.4 million). It first started its acquisition spree last November on purchasing SaaS-based HR management vendors PeoplePulse and LiveSalary for a total cash consideration of AUS$10 million (US$7.75 million).
According to CRN, ELMO’s latest buy enables it to expand its business in New Zealand via Pivot Software, which is headquartered in Christchurch but also has operations in Sydney. Pivot Remesys Group was formed in 2016 when Pivot Software acquired Sydney-based remuneration management software vendor Remesys, expanding its operations across the Tasman Sea.
The combined business has a customer base of 120, including Westpac New Zealand, Newscorp, Allianz and IAG New Zealand. Pivot generated revenues of AUS$4.5 million (US$3.5 million) in the year ending 31 December 2017.
ELMO’s chief executive Danny Lessem said: "We are delighted to welcome Pivot Software into ELMO. Remuneration is an important new module and provides a significant growth opportunity for us."
Pivot Remesys’ chief executive Philippa Youngman will keep the same role in ELMO's leadership team but will also become a shareholder.
Meanwhile, ELMO also released its half-year results for the period ending 31 December 2017. It saw revenues rise by 48% to AUS$10.9 million (US$8.45 million), but made a net loss of AUS$571,000 (US$443,000).
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
Talent management software vendor ELMO has bought cloud-based remuneration applications provider Pivot Remesys Group for AUS$8.8 million (US$6.8 million) to broaden out its market reach.
The deal comes three months after the Sydney, Australia-based company took over Software-as-a-Service-based (SaaS) payroll system supplier Sky Payroll, for up to AUS$1.8 million (US$1.4 million). It first started its acquisition spree last November on purchasing SaaS-based HR management vendors PeoplePulse and LiveSalary for a total cash consideration of AUS$10 million (US$7.75 million).
According to CRN, ELMO’s latest buy enables it to expand its business in New Zealand via Pivot Software, which is headquartered in Christchurch but also has operations in Sydney. Pivot Remesys Group was formed in 2016 when Pivot Software acquired Sydney-based remuneration management software vendor Remesys, expanding its operations across the Tasman Sea.
The combined business has a customer base of 120, including Westpac New Zealand, Newscorp, Allianz and IAG New Zealand. Pivot generated revenues of AUS$4.5 million (US$3.5 million) in the year ending 31 December 2017.
ELMO’s chief executive Danny Lessem said: "We are delighted to welcome Pivot Software into ELMO. Remuneration is an important new module and provides a significant growth opportunity for us."
Pivot Remesys’ chief executive Philippa Youngman will keep the same role in ELMO's leadership team but will also become a shareholder.
Meanwhile, ELMO also released its half-year results for the period ending 31 December 2017. It saw revenues rise by 48% to AUS$10.9 million (US$8.45 million), but made a net loss of AUS$571,000 (US$443,000).
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
