Paylocity to acquire spend management platform Airbase for $325m
US-based tech firm Paylocity has finalised a deal to acquire spend management platform Airbase for $325 million in an effort to expand the capabilities of its HR and payroll software solutions.
Paylocity inks $325m deal to acquire Airbase
The deal is to be funded through Paylocity’s revolving credit facility and is expected to close “in the first or second quarter of fiscal 2025”, subject to customary conditions and regulatory approval.
Once completed, Paylocity will work to integrate Airbase’s finance and spend management software solution into its human capital management (HCM) platform.
Founded in 2017 and headquartered in San Francisco, the Airbase platform provides companies, particularly those in the 100 to 5,000 employee segment, with a range of financial functions including automated invoice processing and purchase order matching, expense management, corporate cards, procurement capabilities and workflow automation.
Toby Williams, president and CEO of Paylocity, says that the acquisition of Airbase will allow the company to provide businesses “with an integrated software platform to manage all aspects of their operational spend”.
At present, Paylocity, headquartered in Schaumburg, Illinois, services approximately 40,000 clients with payroll, benefits administration, human resource and talent management software, united through a single platform.
Founded in 1997, the company has been traded publicly on the Nasdaq since 2014.
