Today, European tech investor Tenzing announced that its portfolio company, The Payroll Software and Services Group (PSSG), has acquired three new businesses.
In the past month, PSSG has completed the acquisitions of Peopletime, an outsourced payroll and HR provider servicing businesses across the UK and Ireland, Expense Once, an expense management software platform, and the payroll business of Baxter & Co, a Chartered Accountants firm.
The acquisitions will significantly enhance PSSG’s product offering, enabling it to provide further outsourced HR services and expense management software to its customers.
PSSG was formed in 2019 and specialises in providing software and outsourcing solutions for HR, payroll and business support in the UK and international markets. Over 1,500 clients rely on its solutions to ensure their employees get paid on time. Its technology powers over £3.1 billion in salary payments a year.
Eric Dunmore, CEO of The PSSG, says of the acquisitions: “PSSG is delighted to have acquired three new businesses. This is an extremely exciting time for the Group as we strengthen and expand our service offering. Clients will have the opportunity to benefit from a holistic, streamlined service which meets all their payroll, HR and business support requirements, helping to improve efficiency and productivity within their business. We are also thrilled to welcome an additional 31 employees to the Group.”
Guy Gillon, Co-Founder of Tenzing, added: “PSSG has a strong history of acquiring and integrating businesses with a complementary offering to the core solutions in the Group. The acquisitions of Peopletime, Expense Once and Baxter & Co build on this positive momentum and advance PSSG’s ambition to provide an end-to-end solution for all payroll, HR and business support services.”
Tenzing provided a dedicated Acquisitions Director to assist PSSG with these acquisitions. The Group has now acquired six businesses in total. Tenzing has supported its portfolio companies in completing 15 acquisitions within the last 12 months.