Sprout pivots to PEO, BPO offerings with JustPayroll acquisition
MANILA, PHILIPPINES — Recruitment software provider Sprout Solutions (Sprout) has acquired payroll solutions firm JustPayroll, to concentrate on its offerings to the professional employer organization (PEO) and business process outsourcing (BPO) segments.
“In our effort to simplify our Asian operations, we’ve made the decision to exit from the local SaaS and Outsourced payroll markets in the Philippines and focus on our group PEO and BPO offer. We appreciate all our clients’ support throughout this journey, and are committed to facilitating their seamless transition to the Sprout platform,” said JustPayroll Chief Executive Officer David Bell.
The agreement covers all existing local clients and employees. Sprout’s Customer Success team will guide new clients through the transition.
The Philippines ranked 24th out of 40 countries in the 2023 Global Payroll Complexity Index. The ranking is based on ten key indicators, such as reporting frequency, compliance, data security, employee rights, and day-to-day payroll management, among others.
The Sprout software automates HR processes, including payroll management, employee benefits administration, time and attendance tracking, and performance management.
It claims to serve over 1,000 corporate clients and 180,000 active users in the Philippines across various industries, including logistics, BPO, retail, entertainment, information technology, financial services, real estate, and healthcare.
In April 2023, Sprout secured $10.7 million in Series B funding led by Cercano Management, with support from SoftBank Ventures Asia, GSR Ventures, and AFG Partners, which brought its total investment haul to $18.3 million.
Meanwhile, JustPayroll offers timekeeping, scheduling, salary calculations, payroll outsourcing, and government reporting services for the Philippine market.
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