- Papaya Global, which is a big name in the payroll and people management services sector, has confirmed that it will be taking over the cross-border payments firm Azimo.
- The move will allow employers to be more flexible on the remote workforce management front, the firms said.
- “Payroll payments made easy regardless of geography are what set us apart from other technology vendors, and this acquisition will make it possible for companies to make instant payments to their global teams,” said a spokesperson for Papaya.
Azimo, a leading name in the cross-border payments sector, has been acquired by a provider of payroll and people management services.
Azimo said that it had been taken over by a company called Papaya Global, which is an international people management platform.
It is expected that the newly announced move will give Azimo the ability to expand capabilities in the payroll payments world.
It will also allow employers to be more flexible when it comes to managing a remote workforce, the company said.
The move will go ahead once approval has been received from regulators.
There will also be some other closing conditions to adhere to.
Once the acquisition is completed, workers at Azimo will be moved across to Papaya and will join the payroll at that firm.
In a statement, the chief executive officer and co-founder of Papaya Global said that it was focused on ensuring that it made payroll payments as easy as possible.
Eynat Guez said that the new acquisition would help ensure that companies were able to make instant transfers.
“Payroll payments made easy regardless of geography are what set us apart from other technology vendors, and this acquisition will make it possible for companies to make instant payments to their global teams,” he said.
He went on to say that the network built up by Azimo – as well as its payment licences around the world – will enhance Papaya’s offer.
“Azimo’s global digital payment network, multiple payment licences, and deep fintech expertise will also enable us to build new payroll-related services for our business customers and their employees,” he explained.
For Azimo, meanwhile, the firm’s chairman and founder said that bringing together the offer of the two companies would lead to improved value for business customers.
Michael Kent explained that any firm that operated to one extent or another in the remote working sector would be particularly positively affected.
“Combining Azimo’s assets and expertise with an emerging global leader in remote working enablement like Papaya will allow them to deliver even more value for their business customers, especially those increasingly paying and managing remote employees,” he said.
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