Canadian FinTech Wagepoint on Wednesday (Jan. 12) announced it has acquired geofence-powered workforce management platform Timesheet Mobile.
Wagepoint’s acquisition is its first in almost a decade in business and gives the company access to small businesses in more than 30 countries.
“Time and attendance and payroll go together like PB & jelly — that’s a gimme,” said Shrad Rao, CEO of Wagepoint, in the announcement. “More than half of our customers have hourly staff and we know that marrying the workflow will give them the most seamless experience, from clocking in and out to importing approved hours for payroll.
“Our goal with this acquisition was to listen to our customers and find a great full-featured Time and Attendance product, and with TSM, we’ve done just that. Plus, their team’s culture is so similar to Wagepoint. They feel like our long-lost cousins that we are excited to get to know better,” he said.
PSG provided growth capital investment and strategic guidance to Wagepoint to close the Timesheet Mobile acquisition. The money has helped Wagepoint realize a 47% revenue increase, almost 30% growth in its client base and a 52% jump in employee headcount since September 2020.
“We’ve cheered on Wagepoint’s successes for several years and are excited to join forces during such a monumental time of growth for both companies,” said Timesheet Mobile President Bob Drainville in the joint announcement.
“Together, TSM and Wagepoint have a tremendous opportunity to provide millions of small businesses with a simplified and seamless platform to manage and pay their workforce, all in one application,” he said. “Like Wagepoint, we have developed a thriving Software as a Service (SaaS), we pride ourselves on exceptional customer support and we have created a fun company culture. It’s going to be one exhilarating year ahead.”
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