Cross–border payments firm Azimo is the subject of an Israeli takeover potentially worth a reported £150 million.

Cloud-based HR and payroll platform Papaya Global has agreed a deal for the full business of London-based Azimo. When the deal closes and Azimo is subsumed into Papaya, its customers will be able to pay employees almost instantly regardless of geography.

“Payroll payments made easy regardless of geography are what set us apart from other technology vendors, and this acquisition will make it possible for companies to make instant payments to their global teams,” said Eynat Guez, Papaya Global CEO and co-founder. 

“Azimo’s global digital payment network, multiple payment licences, and deep fintech expertise will also enable us to build new payroll-related services for our business customers and their employees.”

The deal brings together Papaya’s deep expertise in remote workforce management technology with Azimo’s long experience building digital cross-border payment networks to move money quickly and smoothly around the world.

“Combining Azimo’s assets and expertise with an emerging global leader in remote working enablement like Papaya will allow them to deliver even more value for their business customers, especially those increasingly paying and managing remote employees,” said Azimo chairman and founder Michael Kent.

The acquisition is subject to standard closing conditions, including regulatory approval. The two companies will continue to operate independently until closing. All Azimo employees will join Papaya.

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“Papaya’s customers will benefit hugely from our long experience in building payment technology and operating as a regulated payments business,” Azimo CEO Richard Ambrose said.

Upon closing, Papaya Global will gain payment licences in the UK, the Netherlands, Canada, Australia and Hong Kong, as well as a global digital payment network reaching more than 160 countries.