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Neeyamo - Payroll Services 2023
Vendor Analysis
published on Aug 31, 2023
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Report Overview:
This NelsonHall vendor assessment analyzes Neeyamo's offerings and capabilities in Payroll Services.
Who is this Report for:
NelsonHall’s Payroll Services profile on Neeyamo is a comprehensive assessment of Neeyamo’s offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of Payroll Services and identifying vendor suitability for security services RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the Payroll Services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Neeyamo’s Payroll Services offerings and capabilities, and market and financial strengths, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, weaknesses, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization including the location of delivery locations.
Key Findings & Highlights:
Neeyamo, founded in 2009 and headquartered in Chennai, India, with its principal office in California, U.S. is a technology-enabled global payroll and EOR solutions provider with an emphasis on serving the long-tail countries of multinationals, with payroll service coverage across 160 countries.
Neeyamo business supports ~400 clients in ~160 countries and is organized into two service lines (with an approximate share of revenue):
- Global managed payroll services and global payroll technology
- Payroll services (85%)
- HR outsourcing (15%), as an add-on offering for payroll clients
- Employer of Record (launched June 2022).
Since its inception, Neeyamo has developed proprietary tools to enable its HR services, dedicating ~25% of its annual revenues toward R&D efforts through its wholly-owned subsidiary, NeeyamoWorks, which manages all technical development for enabling its HR service delivery.
Neeyamo supports payroll for ~160 countries, where currently, ~80 country payrolls' gross-to-net is processed by its single global engine, Neeyamo Payroll. The additional countries are supported via payroll service partners - through the same platform providing a unified global user experience. Neeyamo has been heavily investing in adding payrolls into its global payroll engine and aims to support ~115 countries within its native global engine by the end of 2023. Today, its delivery team spans ~90 countries with its offices in 32 countries and ~1.5k employees dedicated to payroll.