Personio, the Munich based software company that offers a holistic HR and applicant management software, today announced its acquisition of Rollbox, a Spanish startup focused on building a highly scalable and automated payroll solution. Following the merger, Personio also announced the launch of Personio Payroll, a new offering based on the Rollbox engine that is set to revolutionize the payroll process of SMEs.
The deal consists of a combination of cash and equity with some investors transferring their shares to Personio while some will be bought out. Xavi Leal and Ismael Sanchez, who founded Rollbox in 2016, will become shareholders and key members of the Personio management team. The company will keep both offices including all of the more than 200 employees in both locations and continue to expand its headquarter in Munich (190 employees) as well as the Madrid office (25 employees), which will be extended by various functions.
Hanno Renner, co-founder and CEO of Personio on the acquisition: “I’m very excited about this merger as it will help us extend our platform with a highly synergetic product that will provide a lot of value to our customers by automating their payroll. Furthermore, I am excited to have Xavi and Isma as well as their entire team join our efforts of building the category leading HR management, recruiting and payroll platform in Europe. They have done an amazing job of building a payroll engine that can be scaled across multiple countries and thus aligns very well with our international ambitions.”
PERSONIO AND ROLLBOX
Rollbox founder and new member of the Personio management team added: “We are excited to join Personio and view is as an amazing opportunity. We’re connecting and merging our payroll engine with a market-leading HR Platform. Together, we’re ready to offer one of the best and most seamless payroll experiences for European companies. Our products and teams work really well together, therefore we’re glad to become part of such a well performing team and jointly pursue a larger vision.”
Personio and Rollbox have already partnered in the past to combine the strength of Personio’s HR platform and Rollbox’ multi-country payroll engine to offer highly automated and revolutionary services to its customers. Since the beginning of 2019, the payroll of several Personio customers has already successfully been processed by the Rollbox engine. Over the coming months Personio will offer this new service to all of its over 1500 existing customers and future ones.
Given the international nature of the payroll engine, which today already covers automated payroll calculations for Germany, Spain and the UK, it will also help Personio on its path to becoming the leading European HR and Payroll platform. The market potential for Person has tripled due to this merger and it now tackles the European HR management and payroll market for SMEs that amounts to €30bn.