Remote payroll startup Deel acquires Polish-founded Capbase
23 January, 2023, 14:59
Payroll and compliance company Deel has acquired of Polish-founded startup management platform Capbase. The amount of the deal is not disclosed. Deel will leverage Capbase’s expertise to launch a new product.
- The San Francisco-based Deel was founded in 2019 and enables companies to hire employees across the globe and pay them in more than 150 currencies. In March 2022, the company was valued at $12 billion and has raised a total of $680 million in funding. Deel’s previous acquisitions have focused on payroll, HR, and work visa management.
- Launched in 2018 by Greg Miaskiewicz and Stefan Nagey, Capbase develops a platform designed to manage information and paperwork typically needed for a startup. Capbase approach focuses on supporting businesses throughout their entire lifecycle, from incorporation to compliance filings, and beyond. To date, the company has totally raised about $6 million in funding.
“We believe that Deel is the perfect partner for us. Deel has enabled thousands of companies to hire employees and contractors around the globe, including helping their customers manage equity in a consultative capacity, like managing taxable events for employees and contractors receiving equity compensation. With the acquisition, we’ll be able to bring our expertise to Deel’s platform and help even more companies expand easily and compliantly,”Capbase comments the acquisition.
- As a result of the deal, Capbase will continue with business as usual, but Deel will leverage the company’s expertise to launch a new product dedicated to equity management and issuance. All of Capbase’s 20 employees will join the Deel team.