Subject: TNM
HiBob Acquires UK Payroll Automation Platform Pento
The acquisition strengthens HiBob's modern human capital management offering, delivering an 'all-in-one' experience with embedded payroll to customers.
LONDON, Feb. 13, 2024 /PRNewswire/ -- HiBob, the company behind Bob, the modern HR platform for midsized multinationals, is pleased to announce the acquisition of cloud-based UK payroll automation platform Pento, subject to closing conditions. Following the release of HiBob's Payroll Hub in 2021, the deal represents the next step towards providing an 'all-in-one' experience, allowing UK businesses to efficiently solve payroll complexity.
Pento leverages real-time payment automation to deliver a fast, simplified, and error-free approach to payroll management.
Headquartered in London, Pento has reduced payment processing from weeks to minutes for more than 400 UK customers, many of which are already using the Bob platform. Pento's technology will enable HiBob to expand its modern approach to human capital management into payroll, enhancing its full-suite capabilities for customers with UK operations looking to break away from cumbersome legacy payroll solutions.
Ronni Zehavi, CEO and Co-Founder at HiBob says: The ultimate goal is an 'all-in-one' solution, where all aspects of people management are handled from a single platform. Modern businesses need their HR and payroll teams focused on people, not on manual work and traditional payroll processes are time-consuming, error-prone, and difficult to manage."
He concludes: "Pento's modern approach, along with their strong founders and proven track record, make them hugely complementary to our business. We are thrilled to be welcoming their team to HiBob."
"We are incredibly proud of what the Pento team has achieved over the years, and this milestone is no different. We have built the best-in-class payroll offering that modern businesses deserve, and can't wait to see the opportunities it will unlock when we pair this with the best HRIS on the market," said Jonas Bøgh Larsen, co-founder and CEO at Pento.
Deutsche Bank and Menalto Advisors served as strategic advisors for HiBob and Pento respectively.
About HiBob
HiBob is on a mission to transform how organizations operate in the modern world of work with its HR platform Bob. It offers resilient, agile technology that wraps all the complexities of HR processes into a game changing, user-friendly tool that touches every employee across the business. Used by more than 3,600 multinational companies to accelerate hiring, retain the best talent and elevate employee engagement.
Photo - https://mma.prnewswire.com/media/2339503/Pento_x_HiBob.jpg
SOURCE HiBob Israel
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