UNLEASH got the inside track on the acquistion from SD Worx CEO Kobe Verdonck. Find out why he thinks it’ll help the payroll company’s top and bottom lines.
HR tech M&A is continuing unabated in 2024 - the latest news comes from European payroll giant SD Worx.
The company has acquired Italian HR and payroll provider F2A for an undisclosed sum.
UNLEASH dug into the deal with SD Worx's CEO Kobe Verdonck - he's excited, and only sees positive things from the acquisition.
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The HR tech space is booming – mergers and acquisitions (M&As) in the sector just keep on coming.
Hot on the heels of Deel acquiring Hofy, Phenom buying Tydy and Progyny purchasing Apryl, European HR and payroll giant SD Worx has acquired F2A, a leading Italian HR and payroll provider.
F2A has been owned by private investment firm Ardian since 2016, and now SD Worx has closed a purchase deal with Ardian to buy F2A. Financial terms of the deal were not disclosed.
Talking about the acquisition, Ardian’s Head of Expansion François Jerphagnon commented: “We are thrilled to announce the sale of F2A to SD Worx.
“I congratulate Raul Mattaboni and his team for all the successful development over the last years.”
Ardian’s Managing Director Marco Molteni added: “The strong interest in F2A of an international player like SD Worx is a clear indication of the high strategic value of our asset.
“We wish F2A and SD Worx every success for the company’s next chapter.”
The next chapter for SD Worx and F2A
UNLEASH was keen to dig into SD Worx’s latest acquisition – it has previously bought companies like TribePerk, Intelligo Software, and HR Pro – in an exclusive interview with the HR giant’s CEO Kobe Verdonck.
Verdonck tells UNLEASH that while the choice would be to grow organically, sometimes it is necessary to do acquisitions to enter new market, and to expand its portfolio.
This is what SD Worx is doing with F2A in Italy.
We had a very small presence ourselves” in the Italian market (the fourth largest economy in Europe), so to become a major player there, it was necessary to acquire one of the market leaders in Italy.
Plus, with F2A, “we really found a fit with our business”, adds Verdonck.
The pair have actually worked very closely together before – they are partners in Italy – so it made sense to formalize that.
UNLEASH was keen to find out what this acquisition will mean for SD Worx and F2A’s customers, which include brands like McCain, Costco and Mercedes Benz.
Verdonck shares that it just means more services for customers – “we have a very large software portfolio” and a huge European footprint.
He concludes: “I see only very positive things” from this deal – it is going to be good for our top line and bottom line.
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