Trends
Deel acquires Hofy to launch Deel IT
OUR TAKE Deel’s primary business is processing international payroll and employing employees on behalf of the organisation through one of its local entities. The company also assists in developing contracts that comply with local labor laws, helps workers get health insurance and provides immigratio…
Headline
OUR TAKE Deel’s primary business is processing international payroll and employing employees on behalf of the organisation through one of its local entities. The company also assists in developing contracts that comply with local labor laws, helps workers get health insurance…
Context
OUR TAKE Deel’s primary business is processing international payroll and employing employees on behalf of the organisation through one of its local entities. The company also assists in developing contracts that comply with local labor laws, helps workers get health insurance and provides immigration advice on the visa process. –Zora Lin, BTW reporter Deel announces on Thursday that it acquires Hofy , a London-based company that provides and helps manage office equipment for remote workers. Financial terms are not disclosed, but a person familiar with the matter put the value of the deal at more than $100 million.
Evidence
Pending intelligence enrichment.
Analysis
“Later this year, we will launch Deel IT, which will include software provisioning, application access management, integration with mobile device management and identity tools, and lifecycle management for deploying, collecting, servicing and replacing devices,” says Deel co-founder and CEO Alex Bouazizi. Deel IT will provide customers with a complete It stack, enabling Deep to become a one-stop HR services provider and expand its business globally. Hofy’s two co-founders, Sammy Brumum and Michael Kinzo, along with the rest of the startup’s leadership team and 120 employees, will join Deel to build Deel IT. Bouaziz said Deel will work with Hofy’s existing customers to migrate them to the Deel platform. Also read: Germany in deal to reduce Huawei’s role in 5G wireless networks
Key Points
- Fast-growing payroll provider Deel is making a sizable acquisition, its third this year.
- This acquisition expands Deel’s capabilities and market engagement, providing a solid foundation for future products and services.
Actions
Pending intelligence enrichment.
