SD Worx acquires Romanian payroll market leader Romanian Software S.R.L. and continues European expansion
December 8, 2023
SD Worx, the leading European HR and payroll solutions provider, has acquired Romanian Software S.R.L., the market leader in Romania for payroll and Human Capital Management (HCM) solutions. With the acquisition SD Worx strengthens its position in Central and Eastern Europe and expands its offering of own payroll technology to its domestic and international customers. Romanian Software S.R.L. gains access to SD Worx’s complete payroll and HR software and services and to its expanding presence across Europe.
Romanian Software S.R.L. markets colorful.hr a complete suite of in-house developed payroll and HCM solutions, including an online tool to calculate people’s gross/net salary. Colorful.hr is offered on premise and in the cloud, with optional managed payroll services. Romanian Software S.R.L. was founded in 2001 and employs 160 colleagues, supporting more than 750 customers and their 200000 employees. Examples of customers include Ikea, Starbucks, Louis Vuitton, Rewe, Altex, Cognizant and Pizza Hut. The company, headquartered in Bucharest, has a market share of 14% in Romania and had revenues of EUR 4.8 million last year.
SD Worx has signed the agreement to acquire 80% of the shares now, the remaining 20% will be acquired in 2025.
“This acquisition is a strategic move that allows us to expand our portfolio and our local presence in Romania, a fast-growing and dynamic market in Central and Eastern Europe. We see a lot of growth potential in this region and we are convinced that our joint customers can benefit from this as well. Romanian Software S.R.L. has a proven track record of delivering high-quality in-house developed payroll and HCM solutions to a diverse range of customers, from SMEs to large enterprises in Romania, operating locally and internationally. We can help these customers with their entire payroll and HR across Europe and offer them the best of both worlds: local expertise in an international context,” says Kobe Verdonck, CEO of SD Worx.
“Joining forces with SD Worx is a great opportunity for us to accelerate our growth and innovation. We share the same vision and values of providing excellent customer service and cutting-edge technology. By combining our strengths and capabilities, we will be able to offer our customers more value, more choice, and more flexibility. We are excited to be part of the SD Worx family and look forward to working together to create a brighter future for our employees, customers, and partners,” said Victor Dragomirescu, CEO of Romanian Software S.R.L.
The current shareholders are committed and will remain fully on board. The price of the acquisition will not be disclosed.
For this transaction, SD Worx was advised by PwC Romania and D&B David si Baias. Romanian Software S.R.L. was advised by Voicu & Asociații.
About Romanian Software S.R.L.
For over 20 years, Romanian Software S.R.L. has been dedicated to revolutionizing how companies manage their most valuable asset – their people. By combining our extensive experience and advanced technology, we deliver impactful and innovative solutions in the HR domain.
colorful.hr is a leading platform developed by Romanian Software S.R.L., that enables businesses to digitize their HR processes. We have been a strategic partner for more than 750 businesses across Romania, providing them with expertise in payroll and HCM solutions. The colorful.hr platform offers a suite of customizable tools that empower HR departments to monitor performance and support growth. Our dedication to efficient and innovative HR solutions is demonstrated by our work. colorful.hr, backed by the experience and technology of Romanian Software S.R.L., continues to be a market leader and a catalyst for digital transformation in HR management.
For more information: www.colorful.hr