Ascender, one of Asia Pacific’s leaders in human resources and payroll outsourcing, has announced it has signed a definitive agreement to acquire PeopleStreme, an international Human Capital Management (HCM) company, specialising in software development to support human resources initiatives. Together, the two companies will enable businesses to unlock the full potential of their workforce, through a holistic payroll and HCM technology offering.
PeopleStreme HCM Software is a complete suite of modular Human Resources Information Systems, which provides 22 solutions to deliver better HCM outcomes for businesses and human resources (HR) departments. This complete HR suite has been built on a common code base to help businesses hire, manage and grow their workforce, and to unlock their full potential. Through the acquisition, Ascender will be expanding its HCM offerings to provide its customers with a holistic HR and payroll solution.
The acquisition comes at a time when there is significant disruption taking place throughout workforces across the globe. A number of labour market megatrends are significantly changing the way we work and creating complexity for businesses in managing their workforce. These changes are seeing the role of human resources move beyond its operational state to become a core department that focuses on innovative, strategic business functions.
By enhancing its HCM capabilities through its acquisition of PeopleStreme, Ascender can offer additional technologies to help customers better manage their workforce, capitalise on the benefits these megatrends bring to market and provide the tools they need to succeed. PeopleStreme puts the employee and manager experiences first by aligning with global best practices in user interfaces.
“The PeopleStreme team is world class, and is passionate about the same thing we are – helping businesses close the gap between what they are doing and what they could be doing by implementing innovative human resources and payroll solutions,” said Andrew Wilson, Ascender’s newly appointed CEO.
“This acquisition will enable Ascender to provide an end-to-end solution that unlocks the full potential of businesses’ workforce and increases the productivity of their employees, through higher engagement and alignment to business goals.”
For PeopleStreme customers, the acquisition will provide access to Ascender’s advanced payroll service solutions and technologies across the Asia Pacific region. This will greatly enhance the payroll capabilities of PeopleStreme and enable customers to receive a complete end-to-end solution.
Ascender is the perfect fit for us. They have a strong regional presence and believe in connecting businesses to their people in enriching ways. We are united by a common culture based on a passion for innovation and great customer experience,” said Lyle Potgieter, co-founder and CEO of PeopleStreme.
“We are committed to providing the best solutions to our customers to help them get the best out of their people.” He added “With Ascender, we see a significant opportunity to offer our customers a unique and powerful integrated all-in-one payroll and HCM solution. This will differentiate PeopleStreme in the market and be advantageous to our customers.”
This acquisition brings together the areas of recruitment, talent management, learning and development, workforce planning and analytics, which are key functions that human resources and payroll could integrate to form synergy around employee engagement. Ascender and PeopleStreme are committed to creating the right experience, tools and processes to help increase business profitability and employees’ productivity.
“Ascender remains committed to finding the best technology that makes the lives of our customers’ employees better. This is the bedrock of the venture and we look forward to offering our customers bespoke integrated HR and payroll solutions, which use the right technology to fit their needs,” continued Andrew.
Following the acquisition, Ascender’s CEO, Andrew Wilson will continue to lead the joint entity with PeopleStreme’s CEO, Lyle Potgieter joining Ascender’s leadership team and continuing to manage the day-to-day operations of the PeopleStreme business. PeopleStreme will continue to operate under its own branding as a division of Ascender, with the companies working closely together to help service their customers’ needs.
The deal is expected to close on 28th September 2018.This acquisition remains subject to customary closing conditions.