- PayGroup has signed a new contract with leading multinational beauty company Coty
- The total contract value is ~A$1m and has a 3-year lifetime
- PayGroup will manage Coty’s payroll function in 10 countries mostly in Asia-Pacific
- Contract diversifies PayGroup’s enterprise client base and enhances its Asian business
Melbourne, 5 July 2021: PayGroup Limited (“PayGroup” or the “Company”), a leading provider of payroll and human capital management (HCM) solutions is pleased to announce it has signed a new contract with Coty Inc (Coty), a leading multinational beauty company for a total contract value of ~A$1m, over a 3-year period. Coty is listed on the New York Stock Exchange with a market capitalisation of ~US$7bn and is the largest seller of fragrances in the world, with a portfolio of fragrance brands including Gucci, Calvin Klein and Burberry.
PayGroup will manage Coty’s payroll function across 10 countries through its end-to-end software capabilities and is well placed to support Coty as it continues to grow its multinational operations and expands its Asian presence. The contract win is testament to the continued investment made in the sales function as the Company continues to expand internationally.
The agreement underpins PayGroup’s focus on growing recurring revenue with large global customers who have the potential to receive other related solutions across multiple jurisdictions. The deal with Coty further validates PayGroup’s strategy to cement its presence within Asia, while continuing to grow and diversify its multinational enterprise client base.
Mark Samlal, Managing Director of PayGroup, said: “This deal continues the positive sales momentum within our business, and I am extremely proud of our team to land a new client of Coty’s pedigree. The contract win further demonstrates our position as a trusted provider of payroll solutions, enabling the company to offer a broader product suite over time. We are excited to commence a relationship with Coty, who is the ideal company we are looking to partner with – a large, well respected, multinational organisation operating in many countries throughout the Asia-Pacific and the rest of the world. This contract supports our continued growth in the Asian region, as we look forward to working with new enterprise clients.”
About PayGroup Limited (ASX: PYG)
PayGroup is a leading provider of Software as a Service (“SaaS”) and Software with a Service (“SwaS”) Payroll and Human Capital Management (“HCM”) solutions to multinational companies (“MNCs”) and workforce management companies operating across 33 countries, comprising three subsidiaries:
- PayAsia – a specialist provider of HCM and Pay solutions based in Singapore;
- Astute – a SaaS-based Pay & Bill provider in Australia and New Zealand to workforce management companies; and
- TalentOz – comprehensive Global cloud-based HCM software with payroll modules.
Key service offerings:
- SaaS solutions for “Hire to Retire” HCM, human resources administration functions, expense management, electronic payslips, leave management, workflow, and employee updates
- Treasury services offering salary disbursement and statutory payroll payment services on behalf of clients for their employees including monetisation activities through the distribution of financial wellbeing products
Developed a strong and growing brand and expertise in the Asia Pacific region:
- ~60% of Asian MNCs have regional headquarters in Singapore due to tax incentives
- PYG is the only group who can provide a single view of a workforce and single vendor treasury services across 33 countries 226 employees in 11 countries servicing over 915 clients, processing 5.0m+ payslips per annum