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Deel acquires Africa’s PaySpace, says it’s crossed $500M in ARR
HR startup Deel said it is acquiring Africa's PaySpace in a deal that marks its largest acquisition to date.
The move comes less than one week after Deel announced it had picked up Munich-based Zavvy, an AI-based “people development” startup building tools for personalized career progression, training and performance management. Although PaySpace secured undisclosed financing last year from Sage subsidiary Netcash, a payments solutions provider specializing in debit orders and salary payouts, it doesn’t fit the mold of a typical venture-backed startup and is very much a bootstrapping success story. Sales of the 20-year-old company — whose clientele includes international and local blue-chip customers, ranging in size from one-person shops to enterprises with thousands of employees — have been growing by over 30% annually, according to managing director Sandra Crous in a recent interview with Financial Minds.
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