Pento, Backed by Tiger Global, Acquired by Israeli HR Platform HiBob

The acquisition of Pento by HiBob marks a significant development in the HR and payroll solutions industry. Pento, originally founded in Copenhagen and now based in London, offers advanced payroll automation tools designed to streamline processing and improve transparency. On the other hand, HiBob, an Israeli-based HR and benefits platform, has demonstrated a commitment to innovation and efficiency in the field.

Pento's approach to payroll automation aims to alleviate the challenges associated with manual processes, such as error-prone spreadsheet management and time-consuming tasks like reviewing PDFs and emails. By providing employers with a suite of tools and real-time calculations, Pento has significantly reduced payment processing times for over 400 UK customers, from weeks to minutes.The acquisition of Pento by HiBob is expected to result in a seamless integration of Pento's solutions into HiBob's platform, especially considering that many of their existing customers overlap. This integration is anticipated to improve the efficiency and user experience for businesses utilizing both platforms, potentially providing a more integrated and comprehensive solution for HR and payroll management.

Jonas Bøgh Larsen, co-founder and CEO of Pento, expressed immense pride in his team's accomplishments following the acquisition. Larsen underscored Pento's dedication to providing cutting-edge payroll solutions for contemporary businesses and emphasized the synergistic opportunities that integration with HiBob's HRIS (Human Resources Information System) would offer.
Larsen believes that by combining Pento's best-in-class payroll offering with HiBob's HRIS, they can provide businesses with a comprehensive "all-in-one" solution. This integrated solution aims to automate the entire payroll workflow, offering valuable time savings for Finance, People, and Payroll teams while enhancing the pay experience for employees.

The acquisition by HiBob represents a significant milestone for Pento, signifying the culmination of years of hard work and dedication to revolutionizing the payroll landscape. Larsen expressed optimism about the synergies that the integration with HiBob's HRIS platform would bring, citing the potential for enhanced efficiency and seamless integration of payroll and HR functions. By combining Pento's best-in-class payroll solution with HiBob's comprehensive HRIS platform, Larsen believes they can provide businesses with a truly comprehensive "all-in-one" solution, streamlining payroll workflows and delivering tangible benefits for Finance, People, and Payroll teams.

Furthermore, Larsen expressed excitement about joining forces with HiBob, emphasizing their shared vision of providing customers with an integrated offering that sets a new standard in the market. He highlighted their collective goal of making payroll processing stress-free for businesses, emphasizing the transformative impact their integrated solution could have on businesses of all sizes. Larsen's vision for the future involves leveraging the combined strengths of Pento and HiBob to create a seamless, user-friendly experience for customers, ultimately driving greater efficiency and productivity across organizations.

In terms of Pento's financial trajectory, Larsen revealed that the company has raised approximately $54 million in funding since its inception in 2017. This significant investment underscores the confidence that investors, including Seedcamp, The Phoenix Group/LocalGlobe, General Catalyst, Avid Ventures, and Tiger Global, have placed in Pento's innovative approach to payroll automation. With a strong financial foundation and a track record of success, Larsen is confident that Pento's acquisition by HiBob marks the beginning of an exciting new chapter in the company's journey.