Fast-growing payroll provider Deel has made its third significant acquisition this year by acquiring Hofy, a London-based company specializing in office equipment management for remote workers. The financial details of the acquisition were not disclosed, but sources indicate it exceeded $100 million.
Deel’s CEO, Alex Bouaziz, highlighted that the acquisition will deepen Deel’s integration with Hofy’s services and pave the way for the upcoming launch of Deel IT. This new product will encompass software provisioning, app access management, and lifecycle management for IT devices, aiming to consolidate Deel’s position as a comprehensive HR and business scaling solution.
The acquisition brings onboard Hofy’s co-founders, Sami Bouremoum and Michael Ginzo, along with their leadership team and 120 employees, who will collaborate with Deel to develop and expand Deel IT. Existing customers of both Deel and Hofy are assured continuity in service without immediate changes.
Hofy, launched in 2020 during the onset of the pandemic, found success in enabling companies to efficiently manage remote work devices and related services. It grew its customer base to over 700 businesses and raised significant capital before the acquisition. Deel’s latest move underscores its strategy to dominate the payroll management market, having recently achieved milestones like $500 million in annual recurring revenue and expanding its global workforce to 4,000 employees serving 35,000 customers.
