Wed, 16 Jun 2021 | BUSINESS SALE
Outsourced payroll services company Online Payrolls has been acquired by the Payroll Software and Services Group (PSSG), a portfolio business of tech investment firm Tenzing. The takeover of the London and Bournemouth based business is the fourth add-on acquisition that PSSG has made with Tenzing’s backing in the past eight months.
Online Payrolls provides outsourced payroll solutions for UK customers. Post-acquisition, its customers will migrate to PSSG’s platform, which will provide them with greater visibility of their payroll services and allow them to benefit from an expanded suite of services.
Nick Clarke, managing director of Online Payrolls, and Gayle Hargie, the company’s operations director, will continue supporting the firm’s daily operations.
PSSG Executive Chairman Eric Dunmore said: "PSSG is tremendously excited to have made its fourth acquisition in 18 months. Online Payrolls complements our current service offering and will allow us to expand the payroll solutions we currently offer. The acquisition is in line with our plan to continue buying successful well-managed payroll business."
Tenzing founder Guy Gillon commented: "With the UK and international payroll markets structurally growing with international in double-digit growth, PSSG has a hugely exciting future ahead of it. The acquisition of Online Payrolls is an important step in PSSG’s expansion plans and customers of both companies will benefit from the complementary software and services provided."
Headquartered in Gateshead, software and outsourcing firm PSSG provides HR, business and payroll support for more than 1,000 clients globally. With investment from Tenzing supporting the firm’s long-term growth plan, PSSG is targeting further acquisitions.
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