US-based fintech and consumer analytics provider GoLogiq is set to acquire Vietnamese payroll and human resource (HR) fintech company Symplefy.
The all-stock transaction is valued at up to $30 million, dependent on performance. GoLogiq will issue $15 million worth of its common shares to shareholders of Symplefy in exchange for 100 per cent of the company. Symplefy shareholders may earn up to $15 million in additional shares of GoLogiq if certain targets are achieved.
With a focus on businesses in the fast-growing economies of Southeast Asia, Symplefy is revolutionising the way corporations manage their workforce by simplifying and streamlining payroll and HR processes through its innovative cloud-based software management tools, enhancing workforce efficiency, and simplifying complex regulatory compliance.
The platform is currently in the early stages of roll-out, with its initial deployment at a select few manufacturing businesses with between 50 and 2,500 employees. Symplefy intends to launch the solution across multiple industries and geographies with a new marketing campaign. The company expects to ramp up its customer acquisition to more than 2,000 corporate clients over the next 18 months.
Following the acquisition, GoLogiq plans to pair the platform with its existing Radix 'Big Data Analytics' platform to provide key insights to clients and provide cross-selling opportunities with GoLogiq’s other fintech platforms.
Brent Suen, executive chairman of GoLogiq, said, “Symplefy serves as the latest of several acquisitions in our pipeline that will strengthen the power of our fintech platform and consumer data analytics technology. After our full launch in Vietnam, we plan to expand our footprint to other Southeast Asian markets.”
According to S&P Global, Vietnam is expected to experience rapid economic growth over the medium term as a key beneficiary of the shift in global manufacturing supply chains towards competitive Southeast Asian manufacturing hubs. In light of the strong growth outlook, domestic and international businesses operating in Vietnam face numerous unique challenges related to payroll and HR management regulations.
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