Talent management software vendor has ELMO continued its acquisition spree with SaaS, cloud-based remuneration software company Pivot Remesys Group for $8.8 million.
The acquisition comes three months after acquiring SaaS payroll software system Sky Payroll for up to $1.8 million.
ELMO expands its business in New Zealand through Pivot Software, which is headquartered in Christchurch and has operations in Sydney.
Pivot Remesys Group was formed in 2016 when Pivot Software acquired Sydney-based remuneration management software vendor Remesys, expanding its operations across the Tasman.
The combined entity has a customer base of 120 organisations, which includes Westpac NZ, Newscorp, Allianz and IAG New Zealand. Pivot generated revenues of $4.5 million in FY17 which ended to 31 December 2017.
“We are delighted to welcome Pivot Software into ELMO. Remuneration is an important new module and provides a significant growth opportunity for us,” ELMO chief executive Danny Lessem said.
“Pivot Software has developed a market leading remuneration software solution in the region and has a high-quality customer base.”
In addition to being financially accretive, Lessem said the acquisition broadens the company’s competitive advantage over single point product vendors and expands its integrated product suite.
Pivot Remesys chief executive Philippa Youngman will join ELMO's leadership team in the same role and as a new shareholder.
Meanwhile, ELMO also released its half-year results for the period ending 31 December 2017, posting $10.9 million in revenue, up 48 percent, and a net loss of $571,000.
ELMO also acquired specialised SaaS based HR management solutions PeoplePulse and LiveSalary in November for a total cash consideration of $10 million.
Story updated 27 February 5.18pm with clarifications from Pivot Software.