Cloud payroll and workforce management provider KeyPay has bought UK-based pension integration platform Pensionsync for an undisclosed sum.
As a result of the acquisition, Pensionsync chief executive and co-founder Will Lovegrove and chairwoman Baroness Ros Altmann have left the company. Pensionsync chief technology officer and co-founder Ian Cox will remain with the business to continue his work building the platform's technology.
Pensionsync automates the flow of pension data and payments from payroll software through to pension providers, saving payroll administrators significant amounts of manual work in the process.
KeyPay co-founder Richard McLean said: "We saw great symmetry in Pensionsync's vision of automating stale processes to benefit the customer. Pensionsync's technology stack truly streamlines pension processing. Like KeyPay, Pensionsync is all about changing the way businesses work and pay through automation and compliance."
KeyPay plans to develop the existing technology further and continue offering Pensionsync as a standalone product for software providers, payroll bureaux, and accounting and bookkeeping firms, along with business users.
McLean added: "As one of the many software providers in the UK payroll market, we also want to enhance the integration between KeyPay and Pensionsync to provide the best payroll and pension experience available, all from within a single platform."
Altmann said the deal would provide "a really good home for Pensionsync to develop for the future".
She added that she would continue her work with the industry-wide grouping on making pensions digital, which is looking to discuss and find solutions to some of the data challenges the industry faces.
Pensionsync's current customers include KeyPay itself along with firms such as QuickBooks, IRIS Payroll Professional, QTAC, FMP Payrite and pension providers including NEST, The People's Pension, Aviva, Smart Pension, Legal & General and Now Pensions.
KeyPay was founded in Australia in 2012 and is one of the country's leading cloud payroll platforms, serving over 100,000 businesses and processing over £12bn a year in payments. In the UK, KeyPay provides a cloud-based workforce management platform to the UK payroll bureau market - aiming to eliminate the traditional payroll challenges of HMRC and pension compliance, employee onboarding and data collection through automation.
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