Pento, a Copenhagen-born now London-based payroll automation platform, has been acquired by Israeli HR and benefits solutions platform HiBob. The terms of the deal remain undisclosed.
When it comes to the often painful process of payroll, Pento passes on the error-prone process of plodding through spreadsheets, pouring over PDFs, and proofing emails, etc., and provides employers with a set of tools, real-time calculations, and overall improved transparency to get the job done.
According to the startup, it’s reduced payment processing from weeks to minutes for more than 400 UK customers. With many of these customers already using Bob, the acquisition and subsequent integration and merging of methods should be seamless, if noticeable at all.
On the acquisition Pento co-founder and CEO Jonas Bøgh Larsen commented:
“We are incredibly proud of what the Pento team has achieved over the years, and this milestone is no different. We have built the best-in-class payroll offering that modern businesses deserve, and can’t wait to see the opportunities it will unlock when we pair this with the best HRIS on the market
“By offering a true ‘all-in-one’ solution, companies will be able to automate the entire payroll workflow from start to finish, saving Finance, People, and Payroll teams valuable time, and giving employees a much better pay experience.
"We are thrilled to join HiBob to give our shared customers an integrated offering that is levels above other solutions in the market, and are excited to continue to make payroll stress-free for even more businesses.”
Founded in 2017, Pento raised approximately $54 million and is backed by investors including Seedcamp, The Phoenix Group/LocalGlobe, General Catalyst, Avid Ventures, and notably, Tiger Global.