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tight - growing paysheet providerDeelis making a sizable learning , its third this class .
Deel announced on Thursday that it acquiredHofy , a London - based company that delivers and helps deal office equipment for distant hires . fiscal terms were n’t disclosed , but a source familiar with the matter told TechCrunch that the deal was worth over $ 100 million .
Deel atomic number 27 - beginner and CEO Alex Bouaziz said the steal will provide Deel , which already had a partnership with Hofy , to provide “ deeper integration ” with Hofy ’s service . longsighted - term , it ’ll establish the groundwork for a forthcoming IT - focused Deel intersection telephone Deel IT , he lend .
“ Later this twelvemonth , we ’ll set up Deel IT , which will admit package provisioning , app admission direction , integrations with fluid twist direction and identity tools , as well as lifecycle management to deploy , collect , repair and replace devices , ” Bouaziz said . “ It will be a full IT stack for client , making Deel even more of a one - stop shop for all thing hour and scaling your business globally . ”
Both of Hofy ’s co - founders , Sami Bouremoum and Michael Ginzo , along with the rest of the startup ’s leadership team and 120 employee , are joining Deel to build Deel IT . Bouaziz says that Deel will sour with Hofy ’s exist customers to transmigrate them to the Deel weapons platform .
“ Current Deel and Hofy customers wo n’t see a variety in avail , ” Bouaziz said .
Bouremoum , an ex-husband - Bain & Company consultant , and Ginzo , who previously moderate intersection at Deel ( making the accomplishment a bit of a revolving door situation ) , launched Hofy in 2020 at the kickoff of the pandemic . The shift to remote employment benefit Hofy greatly , as many company were forced to visualise out a way to configure and decommission work devices sent to staff member ’ homes .
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Once integrate with an HR system , Hofy could be used to set rules like machine acquisition budget and usage policies . New hires invite to the platform could consecrate their equipment — whether laptops , proctor , smartphones or accessories — ahead of outset dates .
To customer , Hofy save accompaniment , include loaner devices in the event equipment needed fixing . Hofy cover offboarding as well , permit admins remotely wipe devices pre - collection , and provide genus Apis that allowed 60 minutes vendors to extend hardware livery and convalescence as a managed service .
Hofy manage to dilate its customer base of operations to over 700 business concern ( include Forbes , GoDaddy , HelloFresh and Canva ) prior to the acquisition and raise more than $ 30.2 million in Washington from investors admit CNP , Stride , 20VC and Day One Ventures . In an consultation in 2022 , Bouremoum told TechCrunch that Hofy was “ cash flow positive . ”
“ Many of our customers were asking us to help with equipping their employee , ” Bouaziz said . “ This feedback , aggregate with our own experience with Hofy , made us face into deepen our kinship further than a partnership . ”
For Deel , which is currently evaluate at over $ 12 billion and has raise $ 630 million , the Hofy leverage is yet another footfall in the focusing of payroll direction securities industry ascendence .
Deel ’s dough - and - butter line of work is processing international paysheet and hiring employees through one of its local entity on an organisation ’s behalf . ( Deel acts as the employer of record , managing submission with employment laws in each land . ) But the fellowship also assists with creating contracts that comply with local labor law , helping proletarian get at health insurance and provide immigration advice about visa procedure .
Earlier this year , Deel acquiredZavvy , a “ people growing ” inauguration headquarter in Munich , andPaySpace , an Africa - base payroll engine . Shortly after , Deel report that it reached a milepost of $ 500 million in one-year recur tax income and a head count of 4,000 employees and 35,000 customers .
