SD Worx acquires Italian payroll and labour consultancy specialist Codeas
March 5, 2026
SD Worx, the leading European provider of HR and payroll solutions, has acquired Codeas S.r.l. STP, a fast‑growing payroll and labour consultancy company based in Concorezzo, Milan.
Codeas provides a comprehensive service portfolio ranging from payroll services to advisory in HR administration, labour law and union relations. The company employs 19 HR and payroll specialists and supports around 130 customers with payroll services and a wide range of HR consulting activities. The customers are primarily medium‑sized companies in the metalworking industry. Owner and founder Serena Codeleoncini will retain a minority stake and stay on board to continue to lead the organisation and ensure continuity for customers and employees.
The acquisition of Codeas is in line with SD Worx’s ambition to strengthen its presence across Europe both by growing organically and through strategic acquisitions. By integrating strong, high‑quality payroll providers with an excellent market reputation, SD Worx reinforces its position in Italy.
Serena Codeleoncini, founder of Codeas: “Joining SD Worx is a fantastic opportunity for our customers, our team and our future. We are proud of what we have achieved so far and look forward to combining our local expertise with the strength and capabilities of a European payroll and HR champion.”
The price of the deal will not be disclosed.
For this transaction, SD Worx has been supported by PedersoliGattai for corporate matters and legal due diligence activities and KPMG Deal Advisory for financial and tax due diligence assistance. Codeas has been advised by BC& Studio di Consulenza.
About Codeas
Codeas is a payroll and HR consultancy firm based in Concorezzo (Milan), providing comprehensive services from payroll processing to advisory in HR administration.
Contact
Serena Codeleoncini, Founder
serena.codeleoncini@codeas.it
About SD Worx
SD Worx believes that success starts with people. A thriving workforce doesn’t just build a thriving company, it also contributes to society. Together with its customers, SD Worx sparks successful HR that benefits work, life and society.
As the trusted leading European HR and payroll solutions provider for all organisations and workers, SD Worx delivers software, services and expertise across payroll & reward, human capital management and workforce management. SD Worx has deep roots across Europe and has been leading the way for eight decades together with its customers, employers big and small, to spark employee engagement that ignites success at the heart of their business.
About 105,000 small and large organisations across Europe place their trust in SD Worx. 10,000 colleagues operate in 27 countries. SD Worx calculates the salaries of approximately 6 million employees and ranks among the top five worldwide. It achieved revenues of EUR 1.307 billion in 2025.
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