Source: PayGroup
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • PayGroup (PYG) has officially acquired 100 per cent of Integrated Workforce Solutions (IWS)
  • The payroll and human capital management business spent $15.3 million buying IWS, which is a cloud-based workforce management platform
  • PYG tapped its own investors for $15.7 million, helping to cover the cost of the acquisition
  • Explaining the purchase, PYG said IWS would help advance the company’s monetisation opportunities
  • Shares in PayGroup are trading down 4 per cent at 48 cents per share

PayGroup (PYG) has completed its acquisition of Integrated Workforce Solutions (IWS).

The payroll and human capital management business spent $15.3 million buying 100 per cent of IWS.

The newly acquired company operates a leading cloud-based workforce management platform for the franchise sector.

It also boasts more than 1000 customers, while its platform “simplifies complex payroll administration” duties.

Explaining the purchase, PYG Managing Director Mark Samlal said it would help advance the company’s monetisation opportunities.

“IWS strengthens PayGroup’s position as a leading provider of mission-critical payroll and scalable HCM solutions, expanding our capabilities, while greatly
increasing monetisation opportunities,” he said.

“PayGroup is well placed to help our Australian and New Zealand franchise networks grow into the APAC region, leveraging our established infrastructure and streamlined solution,” he added.

PYG paid for the acquisition via a capital raise, tapping its own investors and shareholders for $15.7 million.

Shares in PayGroup are trading down 4 per cent at 48 cents per share at 1:27 pm AEST.

PYG by the numbers
More From The Market Herald

" EML Payments (ASX:EML) collaborates with Correos to revive Spanish cultural sector post COVID-19

EML Payments (ASX:EML) has partnered with its key European client Correos, Spain's national post office network…
The Market Herald Video

" MONEYME (ASX:MME) lifts funding capacity

MONEYME (ASX:MME) has increased funding facilities to $1.65 billion, with an undrawn capacity of $388 million.
The Market Herald Video

" Tyro Payments (ASX:TYR) CEO Robbie Cooke leaves to Star Entertainment Group (ASX:SGR)

Tyro Payments' (ASX:TYR) CEO and Managing Director, Robbie Cooke, has resigned after nearly five years at…
The Market Herald Video

" IOUpay (ASX:IOU) to collaborate with Virtualflex on co-branded Visa debit card

IOUpay (ASX:IOU) has signed a strategic collaboration with Virtualflex to provide a co-branded Visa prepaid debit…