GoLogiq plans to acquire Symplefy for $30m
By Gloria Mathias
GoLogiq, a US-based FinTech and consumer data analytics provider, has signed a definitive agreement to acquire Symplefy, a payroll and end-to-end human resource (HR) management solutions provider based in Vietnam.
Following the transaction, Symplefy’s co-founder and CEO, Stephen R. Jones, was appointed as the CFO of GoLogiq. He will also continue to serve as CEO of Symplefy, a wholly-owned subsidiary of GoLogiq.
Symplefy is focused on revolutionizing businesses in the fast-growing economies of Southeast Asia and how corporations manage their workforce by simplifying HR processes and streamlining payroll processes through its innovative cloud-based software management tools, enhancing workforce efficiency, and simplifying complex regulatory compliance.
The payroll provider generates a significant amount of data, which, when paired with GoLogiq’s existing Radix Big Data analytics platform, can provide key insights to enhance the client experience and cross-selling opportunities with GoLogiq’s other FinTech platforms.
To address the substantial market opportunity SEA represents, Symplefy has focused the initial launch of its FinTech platform on the fast-growing economy of Vietnam.
Symplefy provides solutions with highly affordable and easy-to-implement cloud-based systems for payroll and HR management. Its HR management system automates time-tracking and employee leave management, while its payroll solution generates accurate payrolls and comprehensive reports.
In addition to payroll and HR functions, the Symplefy platform is designed to support future opportunities for cross-border transfer transactions, micro-lending, micro-personal insurance, and more efficient payroll. This includes cross-pollination opportunities with GoLogiq’s other FinTech solutions, including credit cards, banking, and lending for underserved businesses.
Brent Suen, Executive Chairman of GoLogiq said, “This acquisition is the next of several in our pipeline that strengthen the power of our FinTech platform and consumer data analytics technology. After our full launch into Vietnam, we plan to expand our footprint to other Southeast Asian markets facing similar challenges.”
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