GoLogiq, a US FinTech, has agreed to acquire Symplefy, a provider of payroll and human resource management solutions based in Vietnam.
The all-stock transaction is reported to be valued at up to $30m, with the final sum contingent on performance-based earnouts. This strategic acquisition is designed to integrate and augment Symplefy’s extensive data generation with GoLogiq’s existing Radix™ Big Data analytics platform.
GoLogiq, positioned as a global leader in FinTech and consumer data analytics, caters to clients by leveraging its Radix™ Big Data analytics platform to provide key insights. On the other hand, Symplefy, a provider of cloud-based payroll and HR management solutions, is transforming the corporate world in Southeast Asia. It simplifies complex HR processes, boosts workforce efficiency, and assists in easy regulatory compliance.
Following the conclusion of the transaction, Symplefy’s co-founder and CEO, Stephen R. Jones, will fill the open CFO position at GoLogiq. Jones will continue to operate as the CEO of Symplefy, which will now be a wholly owned subsidiary of GoLogiq.
Symplefy aims to address the rapid economic growth and associated regulatory challenges in Vietnam by offering robust, affordable, and user-friendly software to streamline payroll and HR functions. This move comes in response to a projected growth rate of 8.4% in the global payroll and HR solutions market, which is expected to hit $50.4bn by 2030.
Symplefy CEO Stephen R. Jones said, “We believe that every business, regardless of its scale, wants and deserves access to top-tier software that optimises their HR functions and simplifies their payroll management. Our user-friendly interface, robust features, and seamless integration capabilities ensure that our software is both powerful and accessible.”
GoLogiq executive chairman Brent Suen said, “This acquisition is the next of several in our pipeline that strengthen the power of our fintech platform and consumer data analytics technology. After our full launch into Vietnam, we plan to expand our footprint to other Southeast Asian markets facing similar challenges.”
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