Deel, a global payroll and HR solutions provider, today announced the acquisition of Africa-based payroll and HR company PaySpace. This strategic step not only solidifies Deel's leadership status but also adds significant strength to its growing range of services.

In a significant milestone, Deel proudly announces surpassing $500 million in annual recurring revenue within an impressive five-year span since its inception. PaySpace, boasting over two decades of payroll technology prowess, will extend Deel's global influence, with a strong foothold in 44 countries across Europe, Latin America, the Middle East, and Africa for more than 14,000 customers, including prominent names like Heineken, Coca-Cola Beverages, and Puma Sports.

This strategic move positions Deel as the first global payroll and Employer of Record (EOR) with a fully localised payroll engine in 50 countries. The acquisition aligns seamlessly with Deel's ambitious four-year plan to serve 100 countries with native payroll engines, emphasising its commitment to both the Middle East and Asia-Pacific markets.

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Alex Bouaziz, Deel's co-founder and CEO, highlighted the strategic importance of this acquisition, stating, "Our long-term vision is to be the most comprehensive payroll system in the world, and the Middle East and Asia-Pacific are crucial parts of that vision."

Deel also announced acquiring PayGroup, a leading APAC payroll provider in 2022 and  Zavvy, a people-enablement platform in the last week. All these acquisitions will solidify Deel’s position as a powerhouse in the global HR and payroll landscape.