In March 2024, US-headquartered HR solution provider Deel, which started out as an Employer of Record (EOR), announced the acquisition of a prominent Africa-based payroll and HR software and services company, PaySpace. The acquisition holds significant market implications: it signals a shift in EOR providers’ ambitions to develop global payroll capabilities and could spur similar M&As in the market. Additionally, we anticipate that the acquisition will propel Deel closer to its goal of creating a full-suite HR platform that addresses employees' payroll, HR, performance, and compliance needs. In this report, we analyze the acquisition’s background and context and its benefits for Deel and PaySpace. We also explore its implications for the EOR and Multi-country Payroll (MCP) markets, including a rise in investments in global employment platforms and intensification of competition in the market. Scope All industries and geographies Contents In this report, we examine: Key trends in the HR outsourcing space Background and context of the acquisition Benefits of the acquisition for Deel Benefits of the acquisition for PaySpace Market implications of the acquisition Membership(s) Human Resources Outsourcing Excellence

Ceridian – a global HCM provider – announced its intent to acquire Ascender – a payroll and HCM provider with roots in Asia Pacific (APAC). Ceridian is not new to acquisitions. It has been expanding its payroll and HCM business for several years through a largely inorganic strategy. Ceridian’s acquisition of Ascender puts it on the path to becoming a global giant with strong North American and APAC presence. It is expected to further intensify competition in the market. Furthermore, it will create value in the APAC payroll and HCM market by allowing buyers access to a global payroll and HCM provider with grassroot presence across multiple continents. Scope Industries: Payroll and HCM Geography: global Contents In this paper, we: Outline the synergies between the two providers Understand the acquisition’s implications on the market Membership(s) Human Resources Sourcing and Vendor Management

Ceridian – a global Human Capital Management (HCM) technology company and service provider – recently announced its plans to acquire Excelity Global Solutions Pte Ltd, an Asia-based HCM service provider, from the Everstone Group. The acquisition is part of Ceridian’s global expansion strategy to become a leading provider of Multi-Country Payroll (MCP) and HCM solutions globally. Ceridian has been harbouring global expansion plans for some time, given its launch of native payroll offerings for multiple regions over the past couple of years. With the addition of Excelity, a strong APAC-based payroll provider, Ceridian has further spread the roots of its global presence. The newly formed entity will potentially combine and enhance its capabilities, despite the challenges and economic impact of the COVID-19 crisis, to build a solution that includes HCM and MCP. Scope Industries: MCP and HCM Geography: global Contents In this paper, we: Assess the key triggers for the acquisition Outline the synergies between the two providers Understand the acquisition’s implications for various industry stakeholders Membership(s) HR Services and Technology