Christchurch-based payroll and HR software maker PayGlobal has big plans.
The private company, in which venture capitalist Number 8 Ventures took a stake last year, is seeking seeking further private equity funding for its expansion, says general manager Ron Bates. It has expanded its Australian operation this year, opening offices in Sydney and Melbourne. There are also plans to open an office in Wellington, to launch PayGlobal in Singapore at the end of the year and in the UK after that.
Last year the 10-year-old company, previously known as Time Master Systems, integrated several staff management systems in its product line into one, PayGlobal, an ASP application.
“Until two years ago, we had several different modules, including payroll, time and attendance and human resources,” says Bates. “Our chief executive, Donald Hastie and the team then set about integrating them, because we felt that would be more valuable for clients.”
Establishing the integrated product on an ASP model was also a goal and it has proved beneficial to clients, Bates says. “It’s totally net-enabled and employees can also participate – they can into it with a sign-on and check their pay slips.”
Revenue has been up 100% in the past two quarters as PayGlobal has taken off, Bates says. He names Comacc, ManTrack and NettPay as the company’s main competitors in New Zealand.
However, Comacc managing director Peter Nathan doesn’t see the two as being in competition and believes PayGlobal is more suited to larger organisations, whereas Comacc targets SMEs (small to medium-sized enterprises). Overseas, Frontier is the principal competitor, Bates says.