Deel acquires Africa-based payroll company PaySpace
US-based HR solutions fintech Deel has announced the acquisition of fellow payroll and HR company PaySpace for an undisclosed sum.
Deel acquires payroll firm PaySpace for undisclosed sum
Founded in 2002, South Africa-based PaySpace provides local payroll engines and HR services to 44 countries across Africa, Europe, Latin America, and the Middle East. Its 14,000-strong client base spans a number of industries and includes household names such as Coca-Cola, Puma Sports, and Heineken.
Deel says the acquisition will see the firm become the first global payroll company and Employer of Record (EOR) “with its own full-stack payroll engine localised in 50 countries and integrated into its offering”.
The San Francisco-headquartered company adds that the move will enable it to offer customers tailored and localised compliance insights, the ability to adjust payroll anytime, and faster payroll processing cycles.
Following Deel’s acquisition of APAC-focused payroll firm PayGroup in 2022, it now claims to own the “full HR stack: entities, local teams (legal, HR, payroll), and local payroll engines across six continents”.
“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,” explains Deel co-founder and CEO Alex Bouaziz.
Deel also used its PaySpace acquisition announcement to disclose that it has surpassed $500 million in annual recurring revenue since its inception in 2019, and now boasts a workforce of more than 3,000 employees spanning 100+ countries.
