Deel acquires Hofy for over $100 million, completes third purchase in five months
Deel acquires Hofy for over $100 million, completes third purchase in five months
The current acquisition is part of Deel's strategic plan for 2024 to grow its workforce by more than 1,000 employees. Today, the company has over 4,000 employees in more than 100 countries, including 150 in Israel.
Israeli-American founded company Deel, valued at $12 billion in its latest funding round after raising $630 million since its inception, is acquiring the British start-up Hofy, founded by one of its former employees. The purchase is estimated at slightly over $100 million. Hofy currently collaborates with Deel in human resource management and computing services for personnel, focusing on the supply and management of IT equipment for employees, such as the shipping and collection of laptops and other end devices.
Hofy was founded in the UK in 2020 by Sami Bouremoum and Michael Ginzo, who previously served as a product manager at Deel. Hofy has raised $30 million to date, with the last $15 million raised in 2022. Investors in the fundraising rounds include Stride, 20VC, Day One Ventures, Kindred Capital, Activum, and TrueSight.
Deel, which deals in all areas of human resource management such as salary management, managing freelancers, and organizing visas for relocation, will integrate all 120 Hofy employees into its team, focusing on IT activity for managing end equipment for personnel. This marks Deel's eighth acquisition in the last three years. Recently acquired companies include Zeitgold, Roots, PayGroup, LegalPad, Capbase, Zavvy, and PaySpace.
The current acquisition is part of Deel's strategic plan for 2024 to grow its workforce by more than 1,000 employees. Today, the company has over 4,000 employees in more than 100 countries, including 150 in Israel. Deel recently reported an annual recurring revenue rate (ARR) of $500 million.
Deel was established in 2018 by Israeli Alex Bouaziz, who serves as CEO, and Shou Wang, a Chinese entrepreneur.
