Deel has completed its $AU 121M acquisition of APAC-based payroll and HCM company PayGroup Limited.
PayGroup is now part of Deel, a private San Francisco-based payroll company, and has been delisted from the Australian Stock Exchange, a statement said.
Initiated in July 2022, the acquisition’s completion makes Deel a true leader in the global payroll and human capital management (HCM) space. It furthers Deel’s mission of helping millions of people work for the best companies in the world, the statement said.
PayGroup has a strong presence in countries like Australia, New Zealand, India, Philippines, Singapore, Malaysia and Japan, processing roughly $AU 12 billion in payroll per year for over 3,000 businesses. The company has been steadily growing this year, targeting an annual recurring revenue of $AU 39 million, and is EBITDA positive, it said.
Deel co-founder and CFO Philippe Bouaziz says of the acquisition: “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.”
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