[UK] HiBob acquires Pento in £32 million payroll deal

Israeli human resources tech firm HiBob - the UK’s leading HR platform - has acquired payroll automation platform Pento in a £32 million deal. The deal is subject to closing conditions, BusinessCloud reports.

Founded in Copenhagen in 2017 and now headquartered in London, Pento is backed by investors including Tiger Global, Seedcamp, The Phoenix Group/LocalGlobe, General Catalyst and Avid Ventures.

The acquisition reportedly represents the next step in HiBob’s payroll offering, following the release of its Payroll Hub in 2021, and will enable HiBob to provide an ‘all-in-one’ experience with payroll as part of the Bob offering, allowing UK businesses to efficiently solve payroll complexity.

Pento leverages real-time payment automation to deliver swift, simplified, and error-free payroll management. It has reduced payment processing from weeks to minutes for more than 400 UK customers, many of whom are already using the Bob platform. 

“Payroll and HRIS work hand-in-hand with strong synergies. The ultimate goal is an ‘all-in-one’ solution, where all aspects of people management are handled from a single platform. The deeper the integration, the better the overall experience,” Ronni Zehavi - HiBob CEO and co-founder - said.

“With this acquisition, we are providing our thousands of customers in the UK with more flexibility and ease of use in how they manage their number one asset – their people. 

“Pento’s modern approach, along with their strong founders and proven track record, make them a solid complement to our business. We are thrilled to be welcoming their team to HiBob.”

Jonas Bøgh Larsen - Pento co-founder and CEO - said, “We are incredibly proud of what the Pento team has achieved over the years, and this milestone is no different. We can’t wait to see the opportunities it will unlock when we pair this with the best HRIS on the market.”

Source: BusinessCloud

(Quotes via original reporting)

Israeli human resources tech firm HiBob - the UK’s leading HR platform - has acquired payroll automation platform Pento in a £32 million deal. The deal is subject to closing conditions, BusinessCloud reports.

Founded in Copenhagen in 2017 and now headquartered in London, Pento is backed by investors including Tiger Global, Seedcamp, The Phoenix Group/LocalGlobe, General Catalyst and Avid Ventures.

The acquisition reportedly represents the next step in HiBob’s payroll offering, following the release of its Payroll Hub in 2021, and will enable HiBob to provide an ‘all-in-one’ experience with payroll as part of the Bob offering, allowing UK businesses to efficiently solve payroll complexity.

Pento leverages real-time payment automation to deliver swift, simplified, and error-free payroll management. It has reduced payment processing from weeks to minutes for more than 400 UK customers, many of whom are already using the Bob platform. 

“Payroll and HRIS work hand-in-hand with strong synergies. The ultimate goal is an ‘all-in-one’ solution, where all aspects of people management are handled from a single platform. The deeper the integration, the better the overall experience,” Ronni Zehavi - HiBob CEO and co-founder - said.

“With this acquisition, we are providing our thousands of customers in the UK with more flexibility and ease of use in how they manage their number one asset – their people. 

“Pento’s modern approach, along with their strong founders and proven track record, make them a solid complement to our business. We are thrilled to be welcoming their team to HiBob.”

Jonas Bøgh Larsen - Pento co-founder and CEO - said, “We are incredibly proud of what the Pento team has achieved over the years, and this milestone is no different. We can’t wait to see the opportunities it will unlock when we pair this with the best HRIS on the market.”

Source: BusinessCloud

(Quotes via original reporting)