Elmo Software, a cloud-based HR and payroll software provider, has acquired the global business expense management platform, Webexpenses, for an undisclosed sum.
The deal will provide Elmo with complementary technology and an established customer base to accelerate its expansion into UK mid-market businesses.
Webexpenses, which has been growing 30% year on year, will retain Michael Richards as strategic advisor to the UK business and Adam Reynolds as group CEO.
Speaking on the acquisition, Reynolds said: “We are absolutely thrilled to become part of the Elmo software portfolio. Over the last few years, we have invested significantly in our expense management product to become a market leader in the UK.
“It is fantastic that Elmo has recognised the value in the services we offer. We are extremely excited to move forward together and to be able to offer extended solutions to our existing customers.”
Elmo was established in 2002, and has since offered customers a unified platform to streamline processes for HR.
Danny Lessem, co-founder and CEO at Elmo, said: “The Webexpenses platform is highly complementary to Elmo’s existing offering. Customers will have the ability to manage employee expenses effectively and efficiently as part of our convergent HR and payroll solution.”