HiBob (the company behind Bob, the modern HR platform for midsized multinationals) announced the acquisition of the cloud-based UK payroll automation platform Pento, subject to closing conditions.
Following the release of HiBob’s Payroll Hub in 2021, this deal represents a next step towards providing an ‘all-in-one’ experience, enabling UK businesses to solve payroll complexity efficiently. Pento utilizes real-time payment automation to deliver a fast, simplified, and error-free approach to payroll management.
Based in London, Pento has reduced payment processing from weeks to minutes for more than 400 UK customers – many of which are already using the Bob platform. And Pento’s technology will enable HiBob to expand its modern approach to human capital management into payroll, enhancing its full-suite capabilities for customers with UK operations looking to break away from cumbersome legacy payroll solutions.
Deutsche Bank and Menalto Advisors were strategic advisors for HiBob and Pento, respectively.
KEY QUOTES:
“The ultimate goal is an ‘all-in-one’ solution, where all aspects of people management are handled from a single platform. Modern businesses need their HR and payroll teams focused on people, not on manual work and traditional payroll processes are time-consuming, error-prone, and difficult to manage.”
“Pento’s modern approach, along with their strong founders and proven track record, make them hugely complementary to our business. We are thrilled to be welcoming their team to HiBob.”
- Ronni Zehavi, CEO and Co-Founder at HiBob
“We are incredibly proud of what the Pento team has achieved over the years, and this milestone is no different. We have built the best-in-class payroll offering that modern businesses deserve, and can’t wait to see the opportunities it will unlock when we pair this with the best HRIS on the market.”
- Jonas Bøgh Larsen, co-founder and CEO at Pento
