Bond International Software, the global provider of recruitment and human capital management software and services, has confirmed it has completed the acquisition of FMP Global, which also trades as FMP Europe, for a sum in excess of £8.5million.
FMP Global provides managed payroll solutions in over 65 countries around the world to customers based in the UK and overseas. Bond has already partnered with FMP Global on previous deals and the board believes that bringing the company into the group will strengthen its product offering and drive sustainable growth in revenues and profits from payroll operations.
Bond has seen its payroll operations deliver consistent growth in revenue and profitability over recent years and is seeking to expand its offering both organically and through acquisition. Increasingly, companies with overseas subsidiaries or branches are looking for one payroll provider to meet all of their payroll needs. On this basis, the acquisition of FMP Global will support Bond in broadening its customer base to multi-national companies, both in the UK and internationally.
Furthermore, Bond’s existing customer base includes organisations with operations in many countries around the world and Bond is well placed to offer international managed payroll solutions through FMP Global.
Steve Russell, CEO of Bond International Software, comments, "The conclusion of this acquisition is an important step in Bond’s global business development. Bond Payroll Services has provided strong levels of growth for the group in recent years and this transaction will ensure Bond's product offering remains best in class. Following the acquisition, the strong cross-selling opportunities with Bond's existing customer base will enable the group to further accelerate our growth."
The managed payroll solutions from FMP Global are designed to fit the requirement for a centralised single payroll process that provides coordination of all aspects of setting up employees in a foreign country, without the need for a complex group of legal entities. Agreements are typically based upon three year rolling contracts which generate revenues that are recurring by nature.
Originally established in 2005 and headquartered in Chichester, West Sussex, FMP Global also has a number of strategic commercial partnerships with organisations such as Paychex, a leader in payroll, human resource and benefits outsourcing in the USA, and Western Union, an industry leader in global money transfer.
Justin Cottrell, Managing Director, FMP Global, comments, “We have partnered with Bond in several previous dealings and our business models have worked well together. We see great synergy between the two businesses both culturally and from a business perspective. Adding a strong potential for the cross-selling of software and services made this an excellent fit on many levels.”