American Paychex is acquiring Lessor Group, the Danish SaaS payroll and HR provider.
Lessor Group, a Danish company providing of payroll and human capital management announced getting into a sales agreement with Paychex, Inc., an American provider of integrated human capital management solutions for small- to medium-sized businesses.
The transaction was made with Danish private equity firm Axcel, which had purchased the company in 2016. The financial details remain undislcosed and following the acquisition, Lessor Group CEO Peter Colsted becomes managing director of Paychex's European operations.
Founded in 1972, Lessor is based in Allerød, Denmark and has 140 emplyees. The company is a market-leading provider of payroll and human capital management (HCM) software solutions, serving clients in Northern Europe.
Lessor provides services under two models – a SaaS and on-premise suite through its Lessor platform and Microsoft Dynamics; and a do-it-yourself, cloud-based platform branded as Danløn in Denmark and delivered under the following brands in other parts of Europe: Ilohngehalt (Germany), Norlønn (Norway), and Swelön (Sweden).