Singapore-based Everstone Capital has acquired Payfront Technologies Pte Ltd., the Asia-Pacific payroll business of Aon Hewitt, and will rebrand the business as Excelity Global.
Excelity is a leading provider of a wide range of services in payroll processing and human resources management and has over 400 clients across 17 countries in the Asia-Pacific region, serviced from offices in India, Singapore, China and the Philippines. It also processes over 9 million pay slips annually and uses a proprietary and scalable platform that includes core payroll processing, data aggregation, and supplemental systems.
“We have established a formidable payroll business across India, Singapore, China and the Philippines, and we foresee continued strong demand for high-quality payroll solutions in the region. We believe our partners at Everstone have the means and strategic intention to invest in the business and deliver added value to clients. We are deeply committed to the payroll and related HR businesses and will continue to grow it in the region, as well as globally,” said Gurinder Singh, chief executive officer, Excelity Global.
Dhanpal Jhaveri, managing partner – private equity, Everstone Group said that Excelity had already built a strong reputation in Asia supplying payroll processing systems to several high profile Asian corporates. He added: “Everstone will be investing significant capital and resources into Excelity's platform in order to enhance its service offering, and also to maintain leadership in the payroll processing and the broader human resource management space, not just in Asia, but also in other parts of the world.”