Deel, the Leading Platform for Global Hiring and Payments, Acquires Zeitgold to Strengthen Payroll & AI Offerings
Deel, the market leader in the global payroll and compliance space, announced today that it had joined forces with Zeitgold to fuel international growth and enhance the depth and breadth of its product offerings. This acquisition marks a significant milestone for Deel as the company continues to scale, adding thousands of customers as working and hiring practices continue to transform rapidly. Deel is adding a full line of products through this acquisition to improve their customer experience further and provide them with the right solutions to scale internationally.
Deel enables businesses to hire anyone, anywhere, in a compliant manner. With Deel, hiring and onboarding international employees or contractors takes under 5 minutes, with no local entity required. Businesses can also pay their teams in 120+ currencies with just a click. In April 2021, Deel raised $156 million in Series C funding at a $1.25 billion valuation. With their new funding, Deel announced plans to continue international expansion, grow its team through mergers & acquisitions, hire exceptional talent globally, all while improving, building, and expanding its product offerings. The purchase of Zeitgold marks the first step in the company’s extensive M&A plans and reinforces its global payroll offering.
Zeitgold was founded in 2015 by Jan Deepen and Stefan Jeschonnek, co-founders of SumUp, the European fintech unicorn, and Kobi Eldar, a former senior intelligence officer of the prestigious 8200 Israeli unit. Zeitgold has raised over $60M from leading venture capital firms such as Battery Ventures, Vintage Investment Partners, HV Holtzbrinck Ventures, as well as insurance company AXA and Deutsche Bank. All existing Zeitgold investors will now be joining Deel as shareholders.
Zeitgold offers AI-powered payroll and automated bookkeeping software for businesses and contractors. The contractor product assists thousands of independent contractors with their setup, bookkeeping, and tax filing. Zeitgold’s highly skilled team and impressive track record have made it a gem of the German technology industry. With this purchase, Deel is adding senior leadership to its ranks and gains the expertise of Zeitgold’s team in global payroll, automation, and AI. The deal also provides valuable IP in global payroll processing based on a powerful workflow engine and document understanding AI stack, which Deel will leverage to scale up and serve hundreds of thousands of clients.
"With the addition of Zeitgold, we'll accelerate even faster and reinforce our European leadership," said Deel CEO Alex Bouaziz. "We're taking Zeitgold's best-in-class engine and plugging it into the core of our platform to help Deel supercharge its product offerings."
"By joining forces with Deel, we can leverage our core technology and products at a global scale," said Zeitgold CEO Jan Deepen. "The new capabilities we're bringing to Deel will allow contractors and employees all over the world to stay compliant and take care of their payroll with confidence, all while continuing to help reduce hiring barriers worldwide."
Deel was co-founded in 2018 by MIT alumni Bouaziz and Wang. The founders set out to solve a problem that most businesses worldwide found daunting—the ability to hire people from anywhere easily. In the past 12 months, the company grew by more than 1000% in revenue to support over 3,000 businesses worldwide. It has plans to set up 100 new Deel-owned entities across the world by the end of 2021. With the acquisition of Zeitgold, Deel plans to deploy this offering into every country where it operates, shattering hiring barriers worldwide.
Deel is a global compliance and payroll solution that helps businesses hire anyone, anywhere. Using a tech-enabled self-serve process, companies can now hire independent contractors and full-time employees in over 150 countries, compliantly and in minutes. Deel enables any business to compliantly create, sign, and send localized contracts from a library of templates. Deel automates the process of collecting country-specific documents like tax documents from contractors and employees to ensure they get set up to work correctly. The platform also allows companies to pay international contractors and employees in more than 120 currencies with just a few clicks. Learn more about Deel here.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Celltrion Awarded up to $626 Million From the Department of Defense to Supply COVID-19 Point-of-Care (POC) Rapid Antigen Test Kits23.9.2021 09:00:00 CEST | Press release
Celltrion (KRX:068270) announced today that the Defense Logistics Agency (DLA) under the Department of Defense has awarded Celltrion USA, Inc., a subsidiary company of Celltrion, a procurement contract for its DiaTrustTM COVID-19 Ag Rapid Test. Celltrion USA will make deliveries to approximately 25,000 U.S. CONUS locations to support military bases, long-term care facilities, community testing sites, critical infrastructure, and other designated places on a weekly basis. The DLA estimates its order volume to be as much as $626 million considering the change in demand by the COVID-19 community transmission rate in the U.S. Celltrion believes that this procurement contract underscores Celltrion's quality, production and supply capabilities as the deal has been awarded after the Department of Defense’s rigorous verification. Celltrion has already proven the quality and safety of DiaTrustTM earlier this year as the product obtained Emergency Use Authorization (EUA) from the US Food and Dru
Temenos, Vodeno and Aion Bank Announce Strategic Collaboration to Accelerate the Adoption of Banking as a Service in Europe23.9.2021 08:30:00 CEST | Press release
Temenos (SIX: TEMN), the banking software company, Vodeno, a fully cloud-native BaaS provider and Aion Bank, a European licensed digital bank and credit institution, today announced a strategic collaboration to accelerate Banking as a Service (BaaS) deployment in Europe. The first banking services to be launched combine The Temenos Banking Cloud with Vodeno's card management and payment processing services. This will enable banks and businesses across industries to broaden their portfolio of products offered to their customers by automating and embedding new payments and card services seamlessly in their customer journey. The collaboration across all three parties removes the complexities and regulatory overheads of deploying embedded financial services in Europe. Clients will benefit from faster time to market and the business agility to develop new customer propositions. Temenos and Vodeno are already engaged in several proof of concepts with banks and fintechs across Europe. The Tem
The Guide to Unlocking E-Commerce Growth in Markets Across Africa, Asia, Latin America, and the Middle East23.9.2021 07:00:00 CEST | Press release
dLocal, a technology-first payments platform that enables global enterprise merchants to connect with billions of consumers in emerging markets, in partnership with Americas Market Intelligence (AMI), released today an exclusive industry report to fix the lack of trustworthy data about eCommerce in core and high-potential emerging markets. The countries covered are Egypt, Morocco, Nigeria, and South Africa in Africa; India in Asia; Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, Peru, and Uruguay in Latin America; and Turkey in the Middle East. Here are some of the report highlights: In 2020, the 14 core emerging markets added up to US$350 billion in processed payments The total pay-outs made from merchants to individuals in 2020 was equivalent to US$812 billion Local payment methods represent 83% of total eCommerce expenditure in the 14 core markets Although the global economy contracted by 3.5% in 2020, eCommerce growth remained positive, averaging 27% YoY among the 14 core mar
Galderma Announces Exclusive Agreement With Sofregen to Develop the Next Generation of Biostimulator Fillers Using Silk-Based Technology23.9.2021 07:00:00 CEST | Press release
Galderma, the world’s largest independent dermatology company, and Sofregen Medical, Inc., a medical device company pioneering the use of silk protein for tissue building and regeneration, announced today they have signed a co-development and option-to-acquire agreement. This collaboration will further expand Galderma’s capabilities built on decades of science-based aesthetics innovation and a unique heritage in biostimulator and hyaluronic acid (HA) fillers. The novel platform harnesses the unique power of silk protein to enable immediate volume restoration and provide structure that facilitates new tissue generation. “At Galderma, we’re committed to advancing dermatology through constant innovation and joining forces with other industry pioneers. Combining Galderma’s capabilities and scale with Sofregen’s novel silk platform represents a watershed moment for the aesthetics market through the development of a new category of biostimulator fillers designed to make an impact for healthc
EngageSmart Announces Pricing of Initial Public Offering23.9.2021 02:48:00 CEST | Press release
EngageSmart, Inc., a leading provider of vertically-tailored customer engagement software and integrated payments solutions, today announced the pricing of its initial public offering of 14,550,000 shares of its common stock at a price of $26.00 per share. Of the offered shares, 13,000,000 shares are being offered by EngageSmart and 1,550,000 shares are being offered by certain of EngageSmart’s existing stockholders. In addition, the underwriters will have a 30-day option to purchase from EngageSmart and the selling stockholders up to an additional 2,182,500 shares of their common stock at the initial public offering price, less underwriting discounts and commissions. EngageSmart will not receive any proceeds from the sale of shares of common stock by the selling stockholders. The shares are expected to begin trading on the New York Stock Exchange on Thursday, September 23, 2021, under the ticker symbol “ESMT.” The offering is expected to close on September 27, 2021, subject to customa
InvestaX Gets Closer to Tokenizing the World with MAS Fintech Sandbox23.9.2021 02:00:00 CEST | Press release
InvestaX (IC SG Pte Ltd) launches exchange in the Monetary Authority of Singapore (MAS) sandbox, providing key infrastructure for bringing liquidity to digital securities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210922005600/en/ Next Generation Digital Assets (Photo: Business Wire) InvestaX is a Singapore-headquartered, MAS-licensed* online investment and trading platform for Digital Securities (DSO) and Security Tokens (STO) of global private markets deals, focusing on exciting growth industries including crypto, gaming, blockchain, digital assets, venture, private equity and real estate. InvestaX, announces entry in the sandbox for its exchange, and now provides a one-stop shop solution for the issuance and trading of digital securities, for global products and global investors. Targeting the $8T USD tokenization of the private markets, InvestaX is built with open infrastructure for scalability and interoperability,
AWS to Open Data Centers in New Zealand23.9.2021 00:52:00 CEST | Press release
Today, Amazon Web Services (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN), announced plans to open an infrastructure region in Aotearoa New Zealand in 2024. The new AWS Asia Pacific (Auckland) Region will consist of three Availability Zones (AZs) and join the existing 81 Availability Zones across 25 geographic AWS Regions at launch. The Region will be owned and operated by a local AWS entity in New Zealand. Globally, AWS has announced plans for 24 more Availability Zones and eight more AWS Regions in Australia, India, Indonesia, Israel, Spain, Switzerland, the United Arab Emirates, and the new AWS Region in New Zealand. The new AWS Asia Pacific (Auckland) Region will enable even more developers, startups, and enterprises as well as government, education, and nonprofit organizations to run their applications and serve end users from data centers located in New Zealand, ensuring that customers who want to keep their data in New Zealand are able to do so. AWS also released an economic
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom