European mid-market tech investor, Tenzing, announced today that its portfolio company, The Payroll Software and Services Group (PSSG), has acquired outsourced payroll services firm, Online Payrolls.
PSSG provides software and outsourcing solutions for HR, payroll and business support in the UK and international markets. Over 1,000 global clients rely on its solutions to make sure their employees get paid on time. Its technology powers over £2.5 billion salary payments a year and clients include global brands, Hiscox, Gant and HermanMiller.
Online Payrolls is a specialist provider of outsourced payroll services to customers in the UK. The acquisition will see Online Payrolls’ customers migrate onto PSSG’s technology platform, giving them greater visibility over their payroll, improving efficiency and increasing productivity. PSSG customers will benefit from an enhanced suite of services.
Nick Clarke, MD and Gayle Hargie, Operations Director at Online Payrolls will continue to support the business day-to-day.
Eric Dunmore, Executive Chairman of PSSG 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.”.
Guy Gillon, Founder and Co-Managing Partner of Tenzing, added: “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.”
PSSG’s acquisition of Online Payrolls is the fourth portfolio company add-on acquisition that Tenzing has supported in the last eight months. It follows CTS’s acquisitions of Sprout IT and CBS in November 2020 and the CitNOW Group’s acquisition of Dealerweb in December 2020.