Canadian fintech company continues rapid growth with first acquisition deal
Canadian fintech company Wagepoint announces its next milestone on a continuing rapid growth trajectory, with its first acquisition deal with Timesheet Mobile (TSM), a leader in geofence-enabled workforce management for small businesses in over 30 countries.
“Our goal with this acquisition was to listen to our customers and find a great full-featured Time and Attendance product, and with TSM, we’ve done just that.”
The news comes as Wagepoint nears a 10-year anniversary and celebrates its evolution from tech startup to trusted provider of small business payroll across North America.
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“Time and Attendance and payroll go together like PB & jelly – that’s a gimme,” says Shrad Rao, CEO of Wagepoint. “More than half of our customers have hourly staff and we know that marrying the workflow will give them the most seamless experience, from clocking in and out to importing approved hours for payroll. Our goal with this acquisition was to listen to our customers and find a great full-featured Time and Attendance product, and with TSM, we’ve done just that. Plus, their team’s culture is so similar to Wagepoint! They feel like our long-lost cousins that we are excited to get to know better.”
The TSM acquisition is made possible through strategic guidance and a growth capital investment from PSG. The funding has helped to fuel Wagepoint’s next phase of growth, and has contributed to a 47 percent increase in revenue, a nearly 30 percent increase in client base and a 52 percent increase in team size since September 2020. The company’s headcount will grow as it welcomes onboard the TSM team and their leadership, including Bob Drainville, President, and Eric Reed, Vice President of Business Development.
“We’ve cheered on Wagepoint’s successes for several years and are excited to join forces during such a monumental time of growth for both companies,” says Drainville. “Together, TSM and Wagepoint have a tremendous opportunity to provide millions of small businesses with a simplified and seamless platform to manage and pay their workforce, all in one application. Like Wagepoint, we have developed a thriving Software as a Service (SaaS), we pride ourselves on exceptional customer support and we have created a fun company culture. It’s going to be one exhilarating year ahead.”
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Integration of the two products is underway, and will create a robust new solution for small businesses looking for payroll and time-tracking in one simple app. Wagepoint will continue to offer the world’s friendliest payroll, adding features like timesheets, scheduling and team messaging using the most accurate location technology.
Maintaining momentum, Wagepoint is planning an exciting launch of a new, upgraded product in 2022. “Wagepoint 2.0” will offer enhanced features, more user control and increased scalability for businesses who want to manage their workforce and have an easier way to pay employees. Wagepoint’s friendly world-class customer support will remain a core pillar of the new product and at the heart of what keeps the company propelling forward. According to Rao, that’s one thing Wagepoint will never outgrow.
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