Paychex has acquired the Danish payroll and HCM technology provider Lessor Group, which provides SaaS and on-premise solutions through its own platform and do-it-yourself cloud-based services under a variety of brand name in Denmark, Germany, Norway and Sweden.
The acquisition supports Paychex’s strategy in Europe by providing the company with “significant client and revenue growth opportunities,” CEO Martin Mucci said in a press release. “The combination of Lessor’s payroll and HCM software products and Paychex’s full-service BPO service bureau capabilities will provide a complete technology-enabled services platform in our markets.” He said the company will look for ways to expand market penetration in countries beyond Lessor’s existing presence Europe during the next two years.
Lessor’s 140 employees will become part of Paychex’s organization. Lessor’s CEO, Peter Colsted, was named managing director of Paychex’s European operations.
Founded in 1972, Lessor is based in Allerød, Denmark and was owned by the Nordic private equity firm Axcel.