TransPerfect Acquires Paybooks Technologies
TransPerfect Acquires India-Based Paybooks Technologies
NEW YORK and BANGALORE, India, Sept. 30, 2024 (GLOBE NEWSWIRE) — TransPerfect, the world’s largest provider of language and AI solutions for global business, today announced that it has acquired India-based Paybooks Technologies, a leading provider of HR, payroll, and compliance solutions that enable organizations to easily onboard, manage, and optimize international workforces. Financial terms of the transaction were not disclosed.
Paybooks is a rapidly growing technology and service provider that offers a cloud-based, all-in-one HR and payroll system that enables enterprise customers to seamlessly manage the full employee lifecycle. From recruiting and onboarding to payroll processing, reimbursements, benefits, attendance, compliance, and leave management, the platform includes full management-side reporting and analytics for employers as well as self-service access for employees.
By joining TransPerfect, Paybooks and its customers will benefit from significant development resources and a vast global footprint. Paybooks will continue to be led by CEO Samira Rao, COO Gururaja Upendra, and CPO Prakash Kumar, each of whom will join TransPerfect’s senior management team. Rao and Upendra co-founded Paybooks in 2012.
“All of the Paybooks stakeholders including our investors and our employees are confident that joining TransPerfect is the ideal next chapter for our organization,” commented Rao, CEO. “We are proud to say that all employees will be retained, and together we will continue our quest to be the preeminent provider in our industry.”
“Joining TransPerfect, with its global reach and extensive R&D operations, will immediately provide new opportunities for the Paybooks business and team,” added Upendra, COO. “Our customers can expect to enjoy the same excellent product and white-glove service, now with the backing of a billion-dollar company that spans the globe.”
TransPerfect President and Co-CEO Phil Shawe stated, “We have long admired Paybooks, and after reviewing multiple companies in this space it was obvious that Paybooks was the ideal merger candidate for us. As our customers are continually looking to international markets for growth, we’re proud to now offer a solution that will help them build and manage their global teams. We’d like to extend a warm welcome to everyone at Paybooks.”
TransPerfect was advised on the transaction by Harish K. Lalwani & Associates and Veritas Legal. Paybooks was represented by Joyce Law and LegalMonk.
About Paybooks
Founded in 2012, Paybooks has built a comprehensive payroll, compliance, and payments platform to automate employer-employee financial touch points. The company has been selected by global leaders to integrate their accounting/HCM applications with payroll and launched India’s first payments-integrated payroll, offering end-to-end solutions with leave and absence, reimbursements, rostering, loans and advances, benefits, and a self-service portal for employees and managers. Learn more at https://paybooks.in.
About TransPerfect
TransPerfect is the world’s largest provider of language and AI solutions for global business. From offices in over 140 cities on six continents, TransPerfect offers a full range of services in 200+ languages to clients worldwide. More than 6,000 global organizations employ TransPerfect’s GlobalLink® technology to simplify management of multilingual content. With an unparalleled commitment to quality and client service, TransPerfect is fully ISO 9001 and ISO 17100 certified. TransPerfect has global headquarters in New York, with regional headquarters in London and Hong Kong. For more information, please visit our website at www.transperfect.com.
Contact:
Ryan Simper +1 212.689.5555
mediainquiry@transperfect.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5af7f9fa-4310-43e3-9a6d-670a8784201f
