Zellis said Thursday (Jan. 9) that it plans to create an end-to-end artificial intelligence (AI)-powered human resources (HR) and payroll platform by acquiring elementsuite.
The acquisition will add elementsuite’s AI-enabled HR and workforce management (WFM) suite to Zellis’ payroll and HR platform that serves U.K.- and Ireland-based companies with more than 1,000 employees, Zellis said in a Thursday (Jan. 9) press release.
The transaction is subject to customary closing conditions, according to the release.
“Bringing together the depth of talent across both businesses and combining the strength of elementsuite’s HR and AI capabilities with Zellis’ payroll, HR and AI capabilities will deliver even more value to our combined customers,” Abigail Vaughan, CEO of the Zellis business unit, said in the release.
Following the closing of the transaction, the two organizations will become one company, per the release.
The acquisition by Zellis will bring elementsuite’s technology to more businesses, Steve Elcock, CEO and founder of elementsuite, said in the release.
“Zellis’ leadership in payroll will further enhance our overall offering and will help us better meet market demand,” Elcock said.
Zellis parent company Zellis Group was acquired in April by private equity group Apax Partners, which said that the company was serving roughly “one third of the FTSE 100,” with its payroll software used to pay or reward around 5 million people each month.
“We have been closely tracking Zellis for some time, and we believe that the investments in technology and go-to-market infrastructure that the Zellis team have made positioned the company for long-term success,” Apax Partner Roy Mackenzie said at the time in a press release.
In another, separate deal in this sector, global HR and payroll product provider Deel acquired London-based money transfer service Atlantic Money in April, saying it aimed to strengthen Deel’s payment infrastructure in Europe. Atlantic Money had moved over a half billion pounds for more than 10,000 global customers since its launch two years earlier.
In September, finance and HR suite finally raised $200 million in new funding to bolster its small- to medium-sized business (SMB)-focused offering. The finally platform provides business owners with a suite of tools for managing things like bookkeeping, payroll, billpay and expense management.
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