Payroll and HR management company Paychex has acquired fellow payroll company Lessor Group.
As part on the transaction, Lessor’s 140 employees will continue their work with the company, but under the Paychex organisation. The acquisition will also see Lessor Group CEO Peter Colsted become the managing director of Paychex’s European operations.
Denmark-headquartered Lessor Group offers payroll and human capital management software serves clients across Northern Europe. The company operates through its two models, a SaaS and on-premise solution through Lessor’s platform and Microsoft Dynamic; and a ‘do-it-yourself’ cloud-based platform Danløn.
Paychex offers management solutions for payroll, HR, retirement, and insurance services for SMEs through its SaaS technology. The company also helps businesses with employee onboarding, employee health insurance, business insurance, retirement plans, business loans, payment processing, tax management, and benefits administrations, among others.
Paychex president and CEO Martin Mucci said, “Paychex’s international strategy has been to grow in Europe, beyond our Germany operation. This acquisition gives us significant client and revenue growth opportunities, and it will deliver value for business owners that helps make it easier for them to be efficient and compliant.”
Following the transaction, Paychex will continue expanding its presence in the markets where Lessor is operating, Denmark, Germany, Norway, and Sweden. The company will also look to grow in other European markets over the next 18 to 24 months.
Earlier in the week, global payroll software developer Payslip collected €1m in an investment led by Frontline Ventures. The Ireland-based company creates payroll management software to support finance teams manage data and workflows.
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