Global – Aiming to position itself as a dominant force in the global payroll market, payroll and HR company Deel has recently announced that it has acquired African-based payroll and HR company PaySpace.
Through this initiative, the company is poised to pioneer in global payroll and be an employer of record provider, boasting a full-stack payroll engine localised in 50 countries as well as integrated into its offerings.
Its ability to serve as the system of record for HR organisations worldwide also offers customers a simple and single interface to manage across their global teams.
By doing so, the said advancement further leads to greater efficiency and control for companies, expedited payroll cycles, more localised compliance insights tailored to their workforce, and the flexibility to make payroll changes as needed.
Additionally, Deel has also secured the complete HR infrastructure, including entities, local teams (legal, HR, payroll), and local payroll engines across the six continents. This comes after its acquisition of APAC payroll provider PayGroup.
Talking about the acquisition, Alex Bouaziz, co-founder and CEO at Deel, stated, “Global payroll is hard to do and critical to get right. As a company, you want assurances you can pay your teams on time, compliantly, anywhere in the world.”
“PaySpace’s single-platform payroll expertise and breadth of coverage, particularly in Africa and the Middle East, combined with PayGroup’s presence in APAC, will give Deel customers the reach they need to grow their businesses globally. Our long-term vision is to be the most comprehensive payroll system in the world,” added Alex.
Along with the acquisition, Deel has also announced reaching its annual recurring revenue milestone of $500 million within five years of its inception.
