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- Payroll and human capital services company PayGroup (PYG) has signed a $1 million deal with makeup giant Coty
- The US$7 billion (A$9.31 billion) global business owns brands such as Covergirl and Rimmel, and fragrance brands including Gucci and Marc Jacobs
- Under the three-year deal, PYG will manage Coty’s payroll functions across 10 countries using its own end-to-end software
- Paygroup says it will also help grow the makeup giant’s multinational operations and in particular expand its Asian presence
- Company shares are up 6.19 per cent at 51.5 cents each at 3:23 pm AEST
Payroll and human capital services company PayGroup (PYG) has signed $1 million deal with makeup giant Coty.
The US$7 billion (A$9.31 billion) global beauty business owns brands such as Covergirl, Rimmel and Sally Hansen, as well as luxury fragrance brands including Gucci and Marc Jacobs.
Under the three-year deal, PYG will manage Coty’s payroll functions across 10 countries using its own end-to-end software.
The ASX-lister will also help grow the makeup giant’s multinational operations and in particular expand its presence in Asia.
PayGroup said today’s deal cemented the company’s decision to enhance its own presence across Asia.
Additionally, Managing Director Mark Samlal said the deal would provide positive sales momentum.
“The contract win further demonstrates our position as a trusted provider of payroll solutions, enabling the company to offer a broader product suite over time,” Mr Samlal said.
“We are excited to commence a relationship with Coty, which is the ideal company we are looking to partner with – a large, well respected, multinational organisation operating in many countries throughout the Asia-Pacific and the rest of the world.
“This contract supports our continued growth in the Asian region as we look forward to working with new enterprise clients.”
PayGroup shares were trading up 6.19 per cent at 51.5 cents each at 3:23 pm AEST.
