“Deel Takes Over PaySpace in Africa, Reaches Impressive $500M Annual Revenue Milestone”

Founders Payspace 1
On Tuesday, the HR startup announced it is acquiring African-based payroll and HR software and services company PaySpace in a deal that marks its largest acquisition to date. Financial terms of the PaySpace acquisition were not disclosed. Separately, San Francisco-based Deel also revealed Tuesday that it has crossed $500 million in annual recurring revenue (ARR), organically, outside of this acquisition. With the various buys, Deel claims that it now owns the full HR stack — entities, local teams (legal, HR payroll), and local payroll engines — across six continents. Theirs is one of the best technologies we’ve ever seen … We had to do a lot of convincing.”In a written statement, PaySpace Director Clyde van Wyk said: “Like PaySpace, Deel strives to evolve its offering through disruption.

Merger Discussions Between Top African B2B E-commerce Giants MaxAB and Wasoko

Maxab Warehouse
Egyptian B2B e-commerce startup MaxAB and Wasoko, a Kenya-based e-commerce player with operations in Tanzania, Rwanda, Uganda and Zambia, are in talks to merge operations, TechCrunch has exclusively learned from multiple sources. The merger talks come as B2B e-commerce companies in Africa continue to scale back operations due to funding scarcity. TechCrunch learned that the company had only received $30 million by the time merger talks, which are said to be investor-led, started. As of last year, the prospect of a merger between MaxAB and Wasoko, both asset-heaving B2B e-commerce startups, seemed unlikely. The eight-year-old B2B e-commerce company has since expanded to Zambia and the Democratic Republic of Congo.