in its sale to
Symmetry Software, a payroll solutions provider, has been acquired by Gusto, a cloud-based HR management software company.
Symmetry helps companies calculate withholding on employees’ paychecks, stay up to date on various country, state, and federal regulations that are complex and change frequently. Symmmetry’s customers include large payroll providers and employers such as ADP, AT&T, and Walmart, which serve more than 60 million employees, roughly 40% of the U.S. workforce.
“GLC Advisors was invaluable in this process. We selected GLC based upon their vast experience with software M&A and their fit with our team. Over the course of 5 years, GLC advised us regarding possible mergers which eventually led to the merger with Gusto. The advice and leadership GLC provided was fabulous. We are grateful for the dedicated team that kept the ball rolling and helped us secure a great partner in Gusto.”– Tom Reahard, Founder, Symmetry Software
|While the Arizona-based company has been independent for 37 years, its employees will join Gusto’s current workforce of 1,400 employees.|
Gusto will be able to integrate further with Symmetry’s technology and data, while enriching its own tax-prevention software.
In all of its products, which include payroll, health care and financial benefits, earned pay access and an employee digital wallet, Gusto wants its tools to be “opinionated” and “guided”, Tomer London, co-founder and CPO, said.
“To give that guidance and to have that opinion, we have to have all the data and rules in the backend, and that’s what Symmetry enables us to do,” London said.
Together, Gusto and Symmetry plan to introduce alerts to employers before tax code changes, and help employers manage address-specific tax codes, which can vary.
Symmetry’s technology will also boost the value proposition of Gusto’s new embedded payroll play. This enables other software companies, such as business banking fintech Novo and software provider Square, to weave payroll into their businesses.
|GLC Technology Group |
GLC provides senior-level advice and attention to technology leaders, entrepreneurs, and financial sponsors. GLC’s Technology Group specializes in providing sell-side M&A advisory, buy-side M&A advisory, minority and majority recapitalizations, debt and equity capital raising, and other corporate finance advisory services. The GLC Technology Group has decades of technology M&A and capital markets experience and has closed transactions with leading technology consolidators and technology focused private equity firms representing billions of dollars in aggregate transaction value for its clients.
David Bluth / Managing Director
David.Bluth@glca.com / 303.479.3855
Adam Haynes / Managing Director
Adam.Haynes@glca.com / 303.479.3842
Jim Williams / Managing Director
Jim.Williams@glca.com / 303.479.3850
GLC Advisors & Co.
GLC Advisors & Co. delivers objective, senior-level expertise to clients through a variety of advisory assignments including: Mergers & Acquisitions, equity and debt capital advisories, restructurings/recapitalizations, fairness opinions, and valuations. Offices are located in New York, San Francisco, and Denver. For more information, visit www.glca.com.
GLC Advisors is affiliated with GLC Investment Advisors, an investment firm which provides debt and equity capital for leveraged buyouts, strategic acquisitions, recapitalizations and growth financings for middle market companies.