SD Worx successfully closes acquisition of Romanian market leader in payroll & HR solutions
April 29, 2024
SD Worx, the leading European HR and payroll solutions provider, has successfully closed the acquisition of Romanian Software S.R.L., the market leader in Romania for payroll and Human Capital Management (HCM) solutions.
SD Worx already announced its intention to acquire Romanian Software S.R.L. in December 2023. The acquisition was subject to merger controls and regulatory approvals, which were obtained successfully earlier in April. Today, both parties formally closed the transaction.
With the acquisition SD Worx strengthens its position in Central Europe and expands its offering of own payroll technology to 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. Romania marks the 18th European country in which SD Worx has its own proprietary payroll & HR software.
Kobe Verdonck, CEO of SD Worx: “It’s great that we have now closed the transaction with Romanian Software. This is an important step forward in our expansion in Central Europe and confirms our ambition to be the leading European provider of end-to-end HR solutions. Building on Romanian Software’s solutions, experienced specialists and strong customer base, we are ready to continue their growth story. A warm welcome to all our new colleagues, we are glad that they are joining the SD Worx family.”
“We feel very proud that SD Worx counts on us to step into the Romanian market. In the many conversations we had during the process of closing the deal, we really felt we have a lot in common in terms of vision, go-to-market, company values and culture. We are excited to support SD Worx in its European growth ambition and look forward to working together to help our customers growing as well”, says Victor Dragomirescu, CEO of Romanian Software S.R.L.
Romanian Software S.R.L. develops and markets colorful.hr, a complete suite of in-house developed payroll and HCM solutions, delivered on premise and in the cloud, with optional managed payroll services. The 160 employees of the company support some 750 Romanian employers and their 200,000 employees. Customers include Ikea, Starbucks, Louis Vuitton, Rewe, Altex, Cognizant and Pizza Hut. Romanian Software S.R.L., headquartered in Bucharest, has a local market share of 14% and generated revenues of c. EUR 6 million in 2023.
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