Deel enters public offer to acquire PayGroup Limited
Today, Deel entered into a public offer to acquire Australian-based payroll company PayGroup (ASX:PYG). The offer will enable the creation of a truly global payroll platform and further Deel’s mission of helping millions of people work for the best companies in the world.
PayGroup is a leading global payroll provider with a strong foothold in APAC, processing roughly $AU 11 billion in payroll per year for over 2,800 businesses. Its payroll and human capital management (HCM) expertise, combined with an enterprise client base spanning the corporate, workforce management, and retail sectors, will extend Deel’s payroll and compliance capabilities to more industries and customers across APAC in particular.
To meet the demands of an increasingly distributed and remote workforce, Deel is working on a payroll offering that lets businesses consolidate their local entity payroll solutions into one easy-to-use dashboard for both contractors and employees. PayGroup’s services perfectly complement these efforts.
Deel co-founder and CFO Philippe Bouaziz says of the proposed acquisition: “Together we will build the first truly global solution in the payroll industry, giving businesses around the world the ability to hire, pay, and manage the best talent, no matter where they’re located. PayGroup’s strong presence in countries like Australia, India, Singapore, and Japan will expand our customer base and reinforce our leadership in the global payroll space.”
PayGroup has about 400 team members across Asia who will be joining Deel. The deal approval process will take about three months to complete. To learn more about the offer, see PayGroup’s announcement here.