NZX-listed Software-as-a-Service (SaaS) payroll provider PaySauce has reported strong growth in its first update to investors as a listed company.
PaySauce entered the NZX in December through a reverse listing, after being acquired by listed company Energy Mad.
Total recurring revenue in the fourth quarter of 2018 was up 109 per cent on the same time in 2017, while the number of employees in New Zealand receiving their pay through the PaySauce payroll software increased by 80 per cent to 6,227 people.
Annual payslip numbers were up 78 per cent to 47,814 while the gross payroll value processed by PaySauce in the last year totalled $73 million, an 88 per cent increase.
PaySauce chair Andrew Barnes said a primary management focus has been the establishment of a network of partnerships to drive PaySauce’s business development and shore up its strong market share.
"These partnerships are indicative of the company’s direction as an important service provider to the primary sector, and include the Dairy Women’s Network, Federated Farmers and ASB," Barnes said.
PaySauce provides its SaaS payroll to small and medium sized enterprises, enabling small and medium-sized organisations to pay staff using web, iOS, and Android applications.
The platform includes mobile time-sheets, payroll calculations, banking integration, PAYE filing, labour costing, automated general ledger entries and digital employment contracts.
“We had a very strong 2018, and we’re proud to make our debut on the NZX just before we closed out our most recent quarter on 31 December," CEO and co-founder Asantha Wijeyeratne said.
"Having marked a number of significant milestones, including becoming the first payroll intermediary to have their entire client base on Payday Filing, we are concentrating this quarter and through the next year on adding value to the shareholders who are backing our business, and on expanding our services to the primary sector, which has complex human resourcing needs and is subject to changing regulatory obligations.”