Private equity firm Everstone Group has entered into an agreement to divest its stake in Singapore-based human capital management (HCM) service provider Excelity Global Solutions Pte Ltd to HCM technology provider Ceridian, according to an announcement.
The financial terms of the deal were not disclosed. The transaction is expected to close during the second quarter of 2020.
Founded in 1997, Excelity operates its proprietary native payroll platform in India, China, Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, Australia, and New Zealand.
The company claims that it delivers over 1.2 million payslips per month. Its customers include Forbes, Volvo, Emerson, Oracle, QBE, Palo Alto Networks, Mammoet, Lufthansa, Uber, and Mondelez.
In 2015, Everstone had bought Payfront Technologies Pte Ltd, the Asia-Pacific payroll business of Aon Hewitt, and rebranded it as Excelity Global.
“Building on our recent investment and expansion in Australia and New Zealand, the acquisition of Excelity will position Ceridian as a leading HCM provider in the Asia-Pacific region and demonstrates our intent to advance our growth globally,” said Ceridian chairman and CEO David Ossip.
Stephen Moore, currently Ceridian’s executive director for Australia and New Zealand, will become the head of its Asia Pacific Japan (APJ) business, which will include the Excelity team, upon closing of the acquisition.
Ceridian is a global human capital management software company. Its flagship cloud HCM platform Dayforce provides human resources, payroll, benefits, workforce management, and talent management functionality.
India and Southeast Asia-focused PE firm Everstone manages assets in excess of $5 billion across private equity, real estate, green infrastructure and venture capital strategies. In January, we reported that the PE firm was exploring options to exit two of its food and beverage investments in Indonesia, Dom Pizza Indonesia and Sari Burger Indonesia.