Paylocity to buy spend management software solution provider Airbase for $325m

Airbase will enable employee expense reports to seamlessly connect with the Paylocity platform

Paylocity, a leading provider of cloud-based human capital management software solutions, has agreed to acquire Airbase, a provider of spend management software solutions. The acquisition is expected to close in the fourth quarter of 2023, subject to customary closing conditions and regulatory approvals.

Airbase's spend management platform automates and streamlines expense reporting, invoice processing, and bill payments. The platform also provides real-time visibility into company spending, helping businesses to control costs and improve efficiency.

The acquisition of Airbase will enable Paylocity to offer a more comprehensive suite of HR and financial management solutions to its customers. The integration of Airbase's spend management platform with Paylocity's HR platform will allow businesses to automate and streamline their expense reporting and approval processes.

In addition, the acquisition will give Paylocity access to Airbase's customer base, which includes over 10,000 businesses. This will help Paylocity to expand its reach into new markets and grow its market share.

The acquisition of Airbase is a significant step in Paylocity's strategy to become a leading provider of cloud-based HR and financial management solutions

The acquisition will also strengthen Paylocity's position as a leader in the HCM software market. According to a recent report by IDC, the HCM software market is expected to grow from $18.4 billion in 2022 to $30.5 billion by 2026. This growth is being driven by the increasing adoption of cloud-based HCM solutions, which offer businesses a number of benefits, including lower costs, increased flexibility, and improved scalability.

The acquisition of Airbase is a major step in Paylocity's strategy to become a leading provider of cloud-based HR and financial management solutions. The combined company will be well-positioned to capitalize on the growing demand for HCM software solutions and to continue to grow its market share.

Key benefits of the acquisition for Paylocity customers

The acquisition of Airbase will provide a number of key benefits for Paylocity customers, including:

• Automated and streamlined expense reporting and approval processes
• Real-time visibility into company spending
• Improved cost control and efficiency
• Access to a wider range of HR and financial management solutions

Key benefits of the acquisition for Airbase customers

The acquisition of Airbase will also provide a number of key benefits for Airbase customers, including:

• Access to a broader range of HR and financial management solutions
• Enhanced security and compliance
• Improved customer support
• Opportunities for growth and innovation

The acquisition is expected to close in the fourth quarter of 2023, subject to customary closing conditions and regulatory approvals

The acquisition is expected to close in the fourth quarter of 2023, subject to customary closing conditions and regulatory approvals. Upon the closing of the acquisition, Airbase will become a wholly-owned subsidiary of Paylocity.