Categories: B2B Payments

Payroll FinTech Paylocity Acquires Video Communication Platform

Paylocity, which provides HR and payroll services, has acquired VidGrid, which works with peer-to-peer video services, according to a press release.

Paylocity said the partnership will help enable more connectivity for workers, particularly amid the rise in working from home and other remote opportunities — factors more important now than ever with the coronavirus pandemic mandating people stay out of public gatherings.

VidGrid will help Paylocity in the fields of employee collaboration, allowing for more flexibility in how co-workers talk to one another in the modern day, which the company said it hopes will lead to greater retention of employees and more engagement with the businesses using VidGrid as a whole.

Paylocity has already used VidGrid for years to put out a Learning Management System (LMS) program allowing employers to use videos from outside parties to distribute expert knowledge in various subjects to employees. With growing need from clients, Paylocity saw an opportunity to "expand the relationship" by acquiring VidGrid, the press release stated.

Using videos will become more and more important for businesses as the definition of work expands, including more remote positions and other such changes to the traditional office sphere. Thus, VidGrid was a choice to help Paylocity better respond to its customers, the press release stated.

Paylocity CEO Steve Beauchamp said the implementation of videos would be crucial as the world evolves. He said VidGrid shared Paylocity's dedication to doing good work for clients.

Nick Stokman, co-founder and CEO of VidGrid, said he wants to help foster better communication everywhere and looks forward to the future of the two companies now intertwined.

Paylocity has been doing its best to keep up with the times in terms of payments and has recently rolled out an on-demand payment service which the company said will help people get paid faster, without the sometimes cumbersome and slow once- or twice-a-month pay cycles that used to be the norm.

Beauchamp said many young people are used to gig economy jobs that paid faster, and, upon being told they'd only be paid a few times a month, found that incompatible with their lifestyles.

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