More vendor consolidation (not market consolidation). This time in Germany and Spain. Buyers prefer platforms. If Personio can manage this effectively, it should serve the market and customers well. Managing an acquisition effectively is hard for large, established vendors, never mind startups rolling off of a big fund raise. Should be interesting to watch.
From TechCrunch:
Just three months after raising $40 million in a Series B funding, German HR and recruiting platform Personio is announcing it has acquired Rollbox, the Spanish startup that offers an API-based payroll solution. The two companies had been working together, but now Personio is bringing Rollbox’s tech and team in-house.The full terms of the deal remain undisclosed. However, I understand the acquisition consists of a combination of cash and equity. This sees a number of Rollbox’s investors being issued shares in Personio, while others have exited entirely.
Source: Personio acquires Spanish payroll startup Rollbox | TechCrunch