GoLogiq to acquire Vietnamese fintech Symplefy for $30m
US-based fintech and consumer analytics provider GoLogiq is set to acquire Vietnamese payroll and HR fintech Symplefy for $30 million in an all-stock transaction.
Vietnam-based Symplefy acquired by GoLogiq for $30m
As part of the agreement, GoLogiq will issue $15 million worth of its common shares to shareholders of Symplefy in exchange for 100% of the company. The Vietnamese fintech’s shareholders may earn up to $15 million in additional shares of GoLogiq if certain earnout targets are achieved.
Additionally, GoLogiq has also appointed Symplefy co-founder and CEO Stephen Jones as its chief financial officer (CFO). Jones will take up the new role while continuing to serve as CEO of Symplefy.
GoLogiq says Symplefy offers a “highly affordable and easy to implement” cloud-based system for payroll and HR management. The platform is currently in the early stages of roll-out and has currently been deployed at a number of manufacturing businesses with between 50 and 2,500 employees. Symplefy is aiming to onboard more than 2,000 corporate clients over the next 18 months.
With the acquisition, GoLogiq plans to pair the platform with its own Radix Big Data analytics platform in order to provide key insights that enhance client experience and enable cross-selling opportunities with its other fintech platforms.
GoLogiq’s executive chairman Brent Suen says: “This acquisition is the next of several in our pipeline that strengthen the power of our fintech platform and consumer data analytics technology.”
The company says that Vietnamese labour laws “can be intricate and subject to frequent changes”, making it “challenging for businesses of all sizes to stay compliant”.
Suen adds: “After our full launch into Vietnam, we plan to expand our footprint to other Southeast Asian markets facing similar challenges.”
