PeopleStrong HR Services Pvt Ltd, which runs human resources technology startup PeopleStrong, on Wednesday said it has acquired salary and compensation tech platform PayReview for a cash and stock consideration.
PeopleStrong said that with this buyout its HR tech, brings in more efficiency and transparency to traditional compensation management, enabling enterprises across APAC to drive data-backed talent strategies and improve business profitability.
Founded in 2017 by Srivastav and Dinesh Gadge, PayReview offers employee compensation and benefits management software that enables seamless salary review and benchmarking.
"We are elated to join the PeopleStrong family. This comes as the next step in our evolution which was 5 years in the making as we grew from a start-up to a client base of over 100 enterprises and their 500K employees,” said Anuraag Srivastav CEO of PayReview.
PayReview will now be a part of PeopleStrong’s HR tech 4.0 platform bringing work pay and talent compensation together, said a statement.
“In today’s talent economy, the negotiating power resides with the talent, and pay management has become central to any value creation for employees. The new digitally adapted world comes with new work-life and business models which complicate things even further for high-growth enterprises with an ever-demanding talent workforce," said Sandeep Chaudhary, CEO at PeopleStrong.
"We have, and continue to make significant investments in people & technology to fuel our 3X growth strategy, and are committed to helping enterprises solve complex HR problems with tech.
With the inclusion of PayReview in our product portfolio, we believe enterprises will gain momentum in creating a truly people-centric organisation with a future-ready workforce," he added.
PeopleStrong is a comprehensive human capital management software-as-a-service (SaaS) platform. It focuses on delivering employee experience, data-driven decision-making, and agility for businesses.
It empowers over two million users at over 500 enterprises across the Asia Pacific region, the startup added in the statement.
PeopleStrong is majority-owned by private equity firm Multiples Alternate Asset Management Pvt. Ltd.
In 2019, PeopleStrong acquired software-as-a-services company Qilo Technologies Pvt Ltd.