GoLogiq Signs to Acquire Vietnam-Based Payroll and HR Fintech Platform, Symplefy, for $30 Million

Symplefy CEO, Stephen Jones, Appointed CFO of GoLogiq as Part of All-Stock Transaction

NEW YORK, July 27, 2023 (GLOBE NEWSWIRE) -- GoLogiq, Inc. (OTC:GOLQ), a U.S.-based global provider of fintech and consumer data analytics, has signed a definitive agreement to acquire Symplefy, a provider of innovative payroll and end-to-end human resource (HR) management solutions based in Ho Chi Minh City, Vietnam. The all-stock transaction is valued at up to $30 million, dependent on performance-based earnouts.

Following the close of the transaction, Symplefy’s co-founder and CEO, Stephen R. Jones, was appointed to the open position of CFO of GoLogiq. He will also continue to serve as CEO of Symplefy as a wholly owned subsidiary of GoLogiq.

Focused on businesses in the fast-growing economies of Southeast Asia, Symplefy is revolutionizing the way corporations manage their workforce by simplifying HR processes and streamlining payroll processes through its innovative cloud-based software management tools, enhancing workforce efficiency and simplifying complex regulatory compliance.

Symplefy generates a significant amount of data, which when paired with GoLogiq’s existing Radix Big Data analytics platform, can provide key insights to enhance the client experience as well as provide cross selling opportunities with GoLogiq’s other fintech platforms.

The Opportunity
The global payroll and HR solutions and services market is projected to grow at a 8.4% CAGR to reach $50.4 billion by 2030. HR industry thought-leader, People Matters, points out Southeast Asia (SEA) countries represent a major global hub for manufacturing and trade, as well as one of the fastest-growing consumer markets in the world. While being the third-largest labor force, only behind China and India, SEA nations have outpaced the rest of the world in GDP growth per capita since the late 1970s.

To address the substantial market opportunity SEA represents, Symplefy has focused the initial launch of its fintech platform on the fast-growing economy of Vietnam. According to S&P Global, Vietnam is expected to experience rapid economic growth over the medium term as a key beneficiary of the shift in global manufacturing supply chains towards competitive SEA manufacturing hubs.

In light of the strong growth outlook, domestic and international businesses operating in Vietnam face numerous unique challenges related to payroll and human resources management regulations. Vietnamese labor laws that regulate minimum wage, overtime, social insurance contributions, and personal income tax can be intricate and subject to frequent changes.