PayRoll looks to hit US$60mn in pay dirt in 2014

Thursday, May 26, 2011

Chilean human resources software provider PayRoll expects its Latin American operations to invoice up to US$60mn in 2014, the company announced in a statement.

The company's strategy is to consolidate existing business in Peru, identify further acquisition opportunities in Argentina and to open new offices in Colombia. Currently, PayRoll operates in Chile, Argentina and Peru and has a presence in Uruguay, Paraguay, Bolivia and Ecuador.

"Our market is the Southern Cone, with a focus in Argentina, Colombia and Brazil. In Brazil, we currently provide services from Argentina and Chile. Our plan is to go into partnerships with local companies," said Rodrigo Castro, Payroll's corporate general manager.

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The company said it had grown 20% in 2010 with revenues of more than US$25mn, and it is looking to bill an extra US$8mn this year. In the last few years, PayRoll has invested more than US$4mn in acquisitions.

Argentina has been a key market for the company with 40% revenue growth in 2010, and PayRoll acquired local payroll company Algoliq and 50% of an unnamed software factory to improve applications and systems.

In Chile, more than 5,000 companies use PayRoll's software licenses. About 600 firms outsource their salary payments through PayRoll, which processes wages for more than 2.5mn workers.