Global HR company Deel is acquiring Africa’s PaySpace for an undisclosed amount, in one of Deel’s largest acquisitions to date.
PaySpace has more than 20 years of payroll technology experience, providing payroll engines and HR services in 44 countries across Europe, Latam, Middle East and Africa for more than 14 000 customers. Its size, expertise, and proprietary disruptive payroll technology give it unrivaled scale and reach. Customers include multinationals across various industries such as Heineken, Coca-Cola Beverages and Puma Sports SA.
By acquiring PaySpace, Deel will become the first global payroll and Employer of Record (EOR) with its own full-stack payroll engine localized in 50 countries and integrated into its offering. Deel has the ability to be the system of record for HR organisations worldwide and can give its customers a simple and single interface to manage their global teams. All of this results in greater efficiency and control for companies, faster payroll cycles, more localised compliance insights relevant to their workforce, plus the ability to make changes to their payroll at any time.
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. Its four-year ambition is to serve 100 countries with native payroll engines, and this acquisition is a significant step toward that goal.
Deel co-founder and CEO Alex Bouaziz says: “Global payroll is hard to do and critical to get right. As a company, you want assurances you can pay your teams on time, compliantly, anywhere in the world. 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. Our long-term vision is to be the most comprehensive payroll system in the world.”
PaySpace’s proprietary technology is a cloud native framework built as a single engine. Its platform allows for easy configuration to add additional countries through localization. These localisation projects normally take years to complete, but with PaySpace’s innovative technology, it can localise much faster than any other payroll provider.
Clyde van Wyk, PaySpace director explains: ”Like PaySpace, Deel strives to evolve its offering through disruption. We set out to modernize the payroll industry, which was burdened by manual processes and stringent legislative and compliance requirements, much like Deel revolutionised global hiring. This acquisition brings together leading employment services and payroll technology expertise, delivering a unique and powerful customer offering with unrivaled automation, flexibility and scalability.”