HR Startup Deel Acquires Africa’s PaySpace

HR startup Deel, announced it is acquiring African-based payroll and HR software and services company PaySpace in a deal that marks its largest acquisition to date. Financial terms of the PaySpace acquisition were not disclosed. The move comes less than one week after Deel announced it acquired Munich-based Zavvy, an AI-based “people development” startup building tools for personalized career progression, training and performance management.

Clyde and Warren Clark, along with George Karageorgiades, founded PaySpace in 2007 as a cloud-based payroll and human resources platform aimed at streamlining the laborious payroll runs and backup procedures associated with traditional payroll and HR software prevalent at the time. The startup boasts over 14,000 customers (reportedly) utilizing its software and services in 44 countries across Europe, Latin America, the Middle East and Africa. Customers include multinationals across various industries such as Heineken, Coca-Cola Beverages and Puma Sports SA.