Expense Software Provider, Webexpenses, Has Been Acquired by Elmo Software Limited, a Cloud-Based HR & Payroll Provider
Webexpenses, a global business expense management platform, announced that it has been acquired by Australia-based ELMO Software Limited. ELMO Software Limited (ELMO) is a cloud-based HR & Payroll software provider. The acquisition provides ELMO with complementary technology and an established customer base to help accelerate their expansion into UK mid-market businesses.
Established in 2002, ELMO offers customers a unified platform to streamline processes for HR, and also manage payroll and rostering/time and attendance. ELMO operates on a Software as a Service (SaaS) business model based on recurrent subscription revenues.The transaction adds to ELMO’s revenue, customer base, and market opportunity.
Webexpenses has been growing at over 30 per cent annually. Revenue is 96 per cent subscription-based. Webexpenses has a large and growing customer base with operations in the United Kingdom, Australia and North America, plus high customer retention; over 90 per cent. Owner and Chairman, Michael Richards, will continue on as a strategic advisor to the UK business and CEO Adam Reynolds will continue on in his current role.
Webexpenses CEO Adam Reynolds stated “We are absolutely thrilled to become part of the ELMO software portfolio. Over the last few years, we have invested significantly in our expense management product to become a market leader in the UK. It is fantastic that ELMO has recognized the value in the services we offer. We are extremely excited to move forward together and to be able to offer extended solutions to our existing customers.”
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ELMO CEO and Co-founder Danny Lessem said, “The acquisition of Webexpenses is an exciting and significant step in ELMO’s growth journey. The Webexpenses platform is highly complementary to ELMO’s existing offering. Customers will have the ability to manage employee expenses effectively and efficiently as part of our convergent HR and payroll solution. The cross-sell opportunity for ELMO’s comprehensive product suite into Webexpenses’ large customer base is substantial. ELMO’s market opportunity has increased markedly, and our strategic positioning is further strengthened.”
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