US-based fintech GoLogiq is acquiring Vietnamese payroll and HR fintech Symplefy for $30 million in an all-stock deal. The acquisition includes issuing $15 million worth of GoLogiq’s common shares to Symplefy shareholders and potential additional shares if certain targets are met. Symplefy’s co-founder and CEO, Stephen Jones, will become the CFO of GoLogiq while continuing as CEO of Symplefy. GoLogiq plans to integrate Symplefy’s cloud-based payroll and HR management platform with its Radix Big Data analytics platform to enhance client experience and explore cross-selling opportunities with other fintech platforms.
Facts
- US-based fintech GoLogiq is set to acquire Vietnamese payroll and HR fintech Symplefy for $30 million in an all-stock transaction.
- GoLogiq will issue $15 million worth of its common shares to Symplefy shareholders in exchange for 100% of the company.
- Symplefy’s shareholders have the potential to earn up to $15 million in additional shares of GoLogiq if certain earnout targets are achieved.
- Symplefy co-founder and CEO Stephen Jones will become GoLogiq’s chief financial officer while still serving as CEO of Symplefy.
- Symplefy offers a “highly affordable and easy to implement” cloud-based system for payroll and HR management.
- The platform is currently being rolled out and has been deployed at several manufacturing businesses with 50 to 2,500 employees.
- Symplefy aims to onboard over 2,000 corporate clients in the next 18 months.
- GoLogiq plans to integrate Symplefy’s platform with its Radix Big Data analytics to provide key insights and enhance the client experience.
- The acquisition will enable cross-selling opportunities with GoLogiq’s other fintech platforms.
- GoLogiq plans to expand its footprint to other Southeast Asian markets facing similar challenges after its full launch into Vietnam.
