U.K.-based software firm The Access Group is expanding its footprint in the payroll technology space with two acquisitions, both announced Thursday (Nov. 21).
In a press release, Access said it is acquiring HR solutions provider People HR as well as payroll technology firm the Payroll Service Company (PSC), both of which will allow Access to broaden its reach in the human resources and payroll services arena throughout the U.K.
Access pointed to a rapidly changing payroll market driven by challenges in talent attraction, retention, and engagement as another driver behind the takeovers.
"The addition of these two strategic acquisitions further enhances our presence in the HR and payroll solutions market, particularly in the small to medium market," said The Access Group CEO Chris Bayne in a statement. "With the U.K. experiencing a tightening of resource availability, we believe that organizations will now, more than ever, require the capability to easily attract, retain, engage and re-train employees as opportunities for growth and expansion present themselves."
He added that by incorporating People HR and PSC into its fold, Access will expand its product offerings within the Access Workspace. Access forecasts that the acquisitions will help the company achieve a CAGR of 14 percent through to 3032.
"Together," he said, "we will have the strongest suite of HR and payroll solutions in the market, for companies of all sizes."
Earlier this year, business payments company FLEETCOR Technologies announced the acquisition of payroll card provider SOLE Financial to expand FLEETCOR's presence in payroll payments.
In another payroll industry deal this year, ThinkHR reached an agreement to merge with Mammoth HR. Both companies operate in the human resources Software-as-a-Service market, though ThinkHR pointed to Mammoth HR's strength in payroll as a key driver behind the deal.
"As demand for solutions to address today's HR challenges accelerates, we have an exciting opportunity to bring together the two market leaders to transform the HR experience for employers," Mammoth CEO Nathan Christensen said in a statement at the time.