Thursday 17th December 2021: PEO Worldwide, the partner of choice for international employment services, is merging with TopSource — a frontrunner in global payroll and cloud and mobile HR — to create one leading global employment group.
Backed by UK-based private-equity firm Horizon Capital, the group has gained committed funding for investment in marketing and sales, new leadership and talent, and the acquisition of new businesses.
PEO Worldwide covers a vast range of territories and has unmatched knowledge across hundreds of countries and all aspects of employment — from HR to payroll and legal. Of the new venture, PEO Worldwide’s co-founder, Paul Sleath, said: ‘The opportunity for us to be part of this fantastic journey and to share PEO Worldwide and TopSource’s class-leading services to a wider audience is truly exciting. Both businesses core strengths truly complement each other by putting together scale and expertise. The existing alignment of the group's individual company values and the ethos of putting our clients at the centre of all we do is why we are convinced that this will be a success. It provides a win–win for our clients and colleagues alike. I am proud to be part of the enlarged group.’
Guil Hastings, co-founder of TopSource, added: ‘PEO has seen rapid growth over the past few years by putting a modern spin on a traditional service offering — and we wanted TopSource to be a part of that. Their 30-country footprint complements our ambitions to extend services across the globe. Whilst we have deep in multi-country payroll experience with broad experience in regions like India, PEO has a strong footing in and understanding of the US employment sector. Together, we can cover all regions and provide a premium employment solution with truly worldwide coverage’. TopSource delivers over 1.4 million payslips and processes over 1 million purchase ledgers and banking transactions every year — and brings a substantial pool of 800 clients to the group.
The specialist group has also appointed a new Board of Directors; Guil Hastings will become Group CEO, Paul Sleath will become Group Head of EoR and they are joined by Group CFO Nick Wain, former CFO of payroll leader Zellis and Non-Executive Chairman Martin Smith who commented: ‘I am looking forward to working with Horizon Capital and the Executive Team to support the new group in setting, implementing and achieving our exciting organic growth and acquisition strategy’.
This new way forward will allow the group to accelerate immediate growth plans and invest in sustained long-term business growth, driving success both now and in the future.
About PEO Worldwide
As an Employer of Record, PEO Worldwide offers a one-stop solution to every issue preventing businesses from taking the leap into overseas territories. The professional employment organisation offers involved and hands-on support with all areas of business including HR, payroll, legal and employee benefits — with a focus on international expansion.
TopSource’s global payroll and accounting services support clients across multiple countries. With over 800 clients, TopSource has rare expertise working with small, medium and very large enterprises across all sectors. The company’s cloud and mobile HR solution, Portico HR™, also provides a full hire to retire and mobile HR self-service for clients and employees.
About Horizon Capital
Horizon Capital is a UK-based private equity firm that supports rapidly growing businesses. Working together with management teams, Horizon Capital has developed a consistent and proven approach to driving sustainable growth and creating market-leading companies.