– Sales increased by 75% year-on-year for the 12 months ending April 2024, and operating profit margin also recorded 16%
– Also announced plans for additional M&A worth up to $500 million this year
Deel, a global payroll and human resources management service platform, announced on the 9th that it surpassed $1 billion (KRW 1.37 trillion) in annualized sales in the first quarter of this year.
As of April 2024, Deal's revenue for the past 12 months increased by 75% year-on-year. Following continuous surplus since Q3 2023, EBITDA margin also recorded 16% in Q1 2025. In particular, HR (Human Resources) and Payroll product lines grew by 164% year-on-year from April 2024 to April this year.
In addition, the company is accelerating its M&A efforts by allocating up to $500 million (KRW 679.6 billion) in M&A budget for accelerating growth this year. The deal has previously significantly expanded its business portfolio by actively pursuing M&A with five companies, including Zavvy, Payspace, Hofy, Atlantic Money, and Assemble.
Deal is a company that provides global payroll and HR solutions that help customers recruit talent anywhere in the world and comply with labor laws of each country. In addition to global hiring, it supports ▲contract workforce management, ▲local law compliance, ▲multinational payroll automation, etc., and has approximately 6,500 employees. It currently has approximately 35,000 global companies as its clients, including Instacart, TIME, Doordash, OpenAI, Nike, Shopify, and Hermes. In March, it acquired the payroll division of Safeguard Global to strengthen its global capabilities.
“Deal started out with just 10 people five years ago and has now grown into a massive platform that supports businesses around the world,” said Anish Acharya, partner and Deal board member at a16z (Andreessen Horowitz), the world’s No. 1 venture capital firm. “Deal, which has built an infrastructure that simplifies complex global hiring, has become an essential platform for global HR work.”
“Reaching $1 billion in annualized revenue is a testament to how much our customers trust us,” said Alex Bouaziz, Deal’s co-founder and CEO. “We are committed to continuing to drive this level of growth.”
Meanwhile, the deal announced that its sales in February 2024 exceeded $800 million (about 1.884 trillion won), a 70% increase year-on-year. Its operating profit before interest, taxes, depreciation, and amortization also recorded a surplus for the second consecutive year, and its annual recurring revenue (ARR) reached $500 million (about 679.6 billion won). In addition, the deal also disclosed the results of attracting $300 million (about 407.6 billion won) in investment from new investors, including General Catalyst, a global top-tier venture capital investment firm.
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