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Today, Canadian fintech company and world’s friendliest payroll provider Wagepoint announces its first acquisition deal with Timesheet Mobile (TSM), a like-minded friend and leader in geofence-enabled workforce management for small businesses in over 30 countries.
Both tech companies are passionate about simplifying the (ahem) more complex parts of running a small business, so the decision to integrate was a natural fit. Together, Wagepoint and TSM will create a robust new solution that blends friendly payroll with time and attendance features all in one simple app — kind of like an Inspector Gadget for small businesses (minus the propeller — it will be streamlined.)
Time and attendance and payroll go together like PB & jelly — that’s a gimme. More than half of our customers have hourly staff and we know that marrying the workflow will give them the most seamless experience, from clocking in and out to importing approved hours for payroll. Our goal with this acquisition was to listen to our customers and find a great full-featured time and attendance product, and with TSM, we’ve done just that. Plus, their team’s culture is so similar to Wagepoint! They feel like our long-lost cousins that we are excited to get to know better.
— Shrad Rao, CEO, Wagepoint
Go, go, gadget, grow!
The TSM acquisition is made possible through strategic guidance and a growth capital investment from Providence Strategic Growth (PSG). The funding has helped to fuel Wagepoint’s next phase of growth, and has contributed to a 47% increase in revenue, a nearly 30% increase in client base and a 52% increase in team size since September 2020.
We’re so thankful to all of Wagepoint’s customers, friends and investors for taking a chance on us. Back in our early days as a startup nearly 10 years ago, it felt incredible to bring on our first clients, hire our first employees and make our first major purchases — like lunch. We’re lucky now to be in a position to buy both lunch and a company! We’re inspired to make it even more possible for our customers as we grow.
— Shrad Rao, CEO, Wagepoint
The TSM team and their leadership have joined Wagepoint’s remote team, lovingly referred to as a band of misfits. Wagepoint welcomes onboard Bob Drainville, President of TSM, and Eric Reed, Vice President of Business Development.
We’re excited to join forces with a company that shares our mission and our values. Together, TSM and Wagepoint have a tremendous opportunity to provide millions of small businesses with a simplified and seamless platform to manage and pay their workforce. Like Wagepoint, we have developed a thriving Software as a Service (SaaS), we pride ourselves on exceptional customer support and we have created a fun company culture. It’s going to be an exhilarating year ahead.
— Bob Drainville, President, Timesheet Mobile
Exciting road ahead.
Maintaining momentum, Wagepoint is planning to release a new, upgraded product in 2022. “Wagepoint 2.0” will offer enhanced features, more user control and increased scalability. Wagepoint’s friendly world-class customer support will remain a core pillar of the new product and at the heart of what keeps the company propelling forward. (Inspector Gadget pun totally intended.)