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Deel - Payroll Services
Vendor Analysis
published on Aug 12, 2024
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Report Overview:
This NelsonHall vendor assessment analyzes Deel's offerings and capabilities in Payroll Services
Who is this Report for:
NelsonHall’s Payroll Services profile on Deel is a comprehensive assessment of Deel’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 Deel’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 centers.
Key Findings & Highlights:
Deel is a global payroll and employer-of-record (EOR) provider supporting ~150 countries with a headcount of ~3.5k employees. Alongside its EOR services, it offers proprietary payroll and compliance technology to support hiring, HR, and payroll services for employees and contractors. It has rapidly expanded to payroll through several acquisitions, including:
- March 2024: PaySpace to add a global payroll cloud technology that Deel plans to integrate into its EOR platform and service offering. The African-based payroll and HR software and services organization services ~14k clients across ~44 countries. It supported payrolls across Europe, Latin America, the Middle East and Africa. Clients include blue-chip organizations such as Heineken, Coca-Cola Beverages, and Puma Sports SA
- February 2024: Zavvy, an AI-based “people development” startup, offers tools for personalized career progression, training, and performance management
- November 2022: PayGroup (previously ASX: PYG), founded as PayAsia in 2006 and headquartered in Singapore, provides multi-country HCM and HR services primarily focused in Asia Pacific. It was acquired to add a client presence across the APAC region. It offered multi-country payroll across ~90 countries, supported by partners outside the APAC region. At the time of the acquisition, NelsonHall estimated PayGroup had ~400 employees and ~2.8k payroll clients and was delivering payroll services to ~600k client employees. Its delivery team of ~400 employees is primarily based in Australia, India, Singapore, and Japan, and its annual revenues were ~$25m.