Hot on the heels of Ceridian acquiring talent intelligence-focused Ideal, another human capital management (HCM) provider, PrimePay, announced it is buying SyncHR.
The acquisition comes within a month of PrimePay receiving an influx of funding from Aquilline Capital Partners. At the same time, PrimePay announced its founder – Bill Pellicano – would be stepping down as CEO and taking on the role of executive board chair.
Founded in 2010, Colorado-based SyncHR offers an automated all-in-one platform for HR, which includes payroll and benefits, specifically aimed at mid-sized companies. It serves customers like Win 3, Wuxi App Tech and The Arcticom Group.
As well as driving efficiencies and providing people-related data to businesses, SyncHR aims to help HR departments create an excellent company culture, thereby helping to attract world-class talent, as well as prevent hugely expensive staff turnover.
Ex-ADP executive and PrimePay’s newly appointed CEO John LaMancuso explained: “This acquisition expands and elevates our capabilities to meet the unique challenges facing mid-enterprise companies.
“With our offering, we are creating a new category that will empower mid-enterprise organizations with a level of sophistication in their HCM capabilities that rivals that of the largest corporations.”
Following the closing of the deal, SyncHR CEO Pam Glick will become chief marketing officer at PrimePay.
Glick commented: “Aquiline’s deep sector expertise and ample financial resources will also play a key role in positioning the combined company to enable its customers to excel in this era that is defined by a demand for agility and data-driven insights.”
PrimePay has been pretty busy with HR tech acquisitions in recent years.
For example, at the end of 2018, PrimePay acquired ProfitKeeper, an online accounting software company. This came after a long-term partnership between the two companies where they collaborated on payroll solutions for US customers.