Global HR company Deel has acquired payroll and HR solution company PaySpace for an undisclosed amount, in one of Deel’s largest acquisitions to date.
- PaySpace has 24 years of payroll technology experience, providing payroll engines and HR services in 44 countries to more than 14,000 customers.
- Its proprietary technology is a cloud native framework built as a single engine.
- The acquisition is meant to give Deel’s clients greater efficiency and control, faster payroll cycles, more localized compliance insights relevant to their workforce, plus the ability to make changes to their payroll at any time.
“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,” Deel co-founder and CEO Alex Bouaziz said.
The news follows Deel’s acquisition of leading APAC payroll provider PayGroup. Deel now owns the full HR stack- entities, local teams (legal, HR, payroll), and local payroll engines – across six continents.
According to a statement by Deel, the global HR company has achieved $500M+ in annual recurring revenue (ARR) organically. It has been EBITDA positive and consistently generating cash for a year and a half, and now has 3,000 team members in more than 100 countries.
