Chilean human resources software provider PayRoll plans to expand its business to Central America by opening an office in Panama, company CEO Héctor Gómez told BNamericas.
PayRoll is currently negotiating with one of the country's main groups of insurance brokers and human resources. "We want to get to Panama so we can target Central America," Gómez said.
PayRoll is in the first stage of testing connectivity in Panama to offer services from the cloud. "We have to be able to implement a subsystem that allows us to pay from anywhere," said Gómez, adding that for the company the solution is in the cloud.
Legislation is another issue that PayRoll has to address to operate in new markets. "We need to know what the legislation is for each country, the financial regulations, and all this must be united in a payment engine that can be available regionally."
Other markets where PayRoll is planning to expand are Brazil and Colombia, but the company has found it more difficult due to the countries' larger sizes and more developed businesses, Gómez said.
PayRoll expects its Latin American operations to invoice up to US$60mn in 2014. The company operates in Chile, Argentina and Peru and has presence in Uruguay, Paraguay, Bolivia and Ecuador.
The company grew 20% in 2010 with revenues of more than US$25mn, and is looking to bill an additional US$8mn this year. In the last few years, PayRoll has invested more than US$4mn in acquisitions.
To read the full interview with Gómez, see this week's IT Perspectives, for subscribers only.