Deel, a company from San Francisco that handles human resources and payroll, has bought PaySpace, a South African tech company.
PaySpace has been around for over 20 years and has worked with more than 14,000 businesses, including big names like Heineken and Coca-Cola, across Africa, the Middle East, Europe, and Latin America.
Deel also announced that it’s now making $500 million in revenue every year, just five years after starting.
According to Deel’s CEO Alex Bouaziz, making sure everyone gets paid correctly, no matter where they are, is really important for companies.
With PaySpace on board, Deel says it can now help businesses grow globally by offering payroll services in more places, especially in Africa and the Middle East.
This deal makes Deel one of the first companies in the world to offer payroll services everywhere, with a special focus on 50 countries.
In 2023, Deel handled over $7 billion in payroll for more than 20,000 clients, including big names like BBC and Shopify, across 150+ countries
Deel has raised at least $500 million in funding and is now valued at $12 billion.
Meanwhile, PaySpace, based in Johannesburg and founded by Bruce, Clyde, and Warren Clark, along with George Karageorgiades in 2007, has been growing by more than 30% every year, according to their managing director Sandra Crous.
Deel’s CEO Bouaziz said they were already using PaySpace for payroll in 10 countries and were impressed with their technology, so they wanted to buy them. It took some convincing, but they made it happen.
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