![[Vietnam] GoLogiq to acquire Symplefy for $30 million](http://gpa.net/cdn/shop/articles/bigstock-Concept-Of-Financial-Technolog-474006691_1200x.jpg?v=1691118024)
GoLogiq - the US-based fintech and consumer analytics provider - will acquire Vietnamese payroll and HR fintech Symplefy for $30 million in an all-stock transaction, Fintech Futures reports.
GoLogiq will issue $15 million worth of its common shares to shareholders of the Vietnamese fintech in exchange for 100 per cent of the company, as part of the agreement. If certain earnout targets are reached, Symplefy shareholders could potentially earn up to $15 million in additional shares of GoLogiq.
GoLogiq has reportedly appointed Symplefy co-founder and CEO Stephen Jones as its chief financial officer (CFO). Mr Jones will take up the new role while continuing to serve as CEO of Symplefy.
GoLogiq stated that Symplefy offers a “highly affordable and easy to implement” cloud-based system for payroll and HR management. The platform is currently in the early stages of roll-out and has been deployed at a number of manufacturing businesses with between 50 and 2,500 employees. Symplefy is reportedly aiming to onboard more than 2,000 corporate clients over the next 18 months.
With the acquisition, GoLogiq intends to pair the platform with its own Radix Big Data analytics platform in order to provide key insights that enhance the client experience and enable cross-selling opportunities with its other fintech platforms.
Brent Suen - GoLogiq’s executive chairman - said, “This acquisition is the next of several in our pipeline that strengthen the power of our fintech platform and consumer data analytics technology.”
The company said that Vietnam’s labour laws “can be intricate and subject to frequent changes”, making it “challenging for businesses of all sizes to stay compliant”.
Mr Suen said, “After our full launch into Vietnam, we plan to expand our footprint to other Southeast Asian markets facing similar challenges.”
Source: Fintech Futures
(Quotes via original reporting)
GoLogiq - the US-based fintech and consumer analytics provider - will acquire Vietnamese payroll and HR fintech Symplefy for $30 million in an all-stock transaction, Fintech Futures reports.
GoLogiq will issue $15 million worth of its common shares to shareholders of the Vietnamese fintech in exchange for 100 per cent of the company, as part of the agreement. If certain earnout targets are reached, Symplefy shareholders could potentially earn up to $15 million in additional shares of GoLogiq.
GoLogiq has reportedly appointed Symplefy co-founder and CEO Stephen Jones as its chief financial officer (CFO). Mr Jones will take up the new role while continuing to serve as CEO of Symplefy.
GoLogiq stated that Symplefy offers a “highly affordable and easy to implement” cloud-based system for payroll and HR management. The platform is currently in the early stages of roll-out and has been deployed at a number of manufacturing businesses with between 50 and 2,500 employees. Symplefy is reportedly aiming to onboard more than 2,000 corporate clients over the next 18 months.
With the acquisition, GoLogiq intends to pair the platform with its own Radix Big Data analytics platform in order to provide key insights that enhance the client experience and enable cross-selling opportunities with its other fintech platforms.
Brent Suen - GoLogiq’s executive chairman - said, “This acquisition is the next of several in our pipeline that strengthen the power of our fintech platform and consumer data analytics technology.”
The company said that Vietnam’s labour laws “can be intricate and subject to frequent changes”, making it “challenging for businesses of all sizes to stay compliant”.
Mr Suen said, “After our full launch into Vietnam, we plan to expand our footprint to other Southeast Asian markets facing similar challenges.”
Source: Fintech Futures
(Quotes via original reporting)