Deel acquires South Africa’s PaySpace to expand Africa presence
TLDR
- Deel, valued at $12 billion, to acquire PaySpace, a prominent Africa-based provider of payroll and HR software.
- PaySpace, with 20 years of experience, serves over 14,000 customers, including multinational corporations like Heineken and Coca-Cola Beverages.
- This acquisition solidifies Deel's presence in Africa, expanding its operations across multiple continents.
Deel, the American HR company valued at $12 billion, is set to acquire PaySpace, a 20-year-old Africa-based provider of payroll and HR software, in a deal whose financial specifics remain undisclosed. This transaction signifies the third acquisition of an African company by a global entity in the past year and a half.
Before this acquisition, PaySpace, headquartered in Johannesburg, had been delivering payroll services for Deel across 10 African nations. With a clientele spanning 44 countries across Europe, Latin America, the Middle East, and Africa, PaySpace serves over 14,000 customers, including multinational corporations like Heineken, Coca-Cola Beverages, and Puma Sports SA.
This move marks Deel's largest acquisition to date and with operations in nearly all African countries except for Congo Republic, Democratic Republic of Congo, Guinea-Bissau, Liberia, and the Central African Republic, Deel's acquisition of PaySpace is poised to further strengthen its position in Africa.
Points clés à retenir
The acquisition underscores a significant trend observed in the last 18 months: the third instance of Africa-founded companies being acquired by global counterparts. In January of the previous year, German vaccine manufacturer BioNTech acquired the London-based AI startup InstaDeep, originally hailing from Tunisia, in a deal worth up to £562 million. Then, in June, private equity firm Medius acquired Expensya, an expense management startup with headquarters in Tunis and Paris, for a sum exceeding $100 million, according to sources familiar with the transaction.
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