PayAnalytics acquired by beqom

Yesterday, on December 12th 2023, the Icelandic startup PayAnalytics announced that the company is being acquired by beqom.

beqom, a unified total compensation platform, describes the acquisition as an industry-disrupting moment, and that with PayAnalytics' trailblazing pay and workplace equity solution, the company will become the first advanced platform for pay equity and total compensation

The details of the deals are unknown, but as Northstack had reported, PayAnalytics has previously raised a $525,000 round from NSA Ventures, followed by a $3.4M round led by Eyrir Vöxtur.

In a press release, PayAnalytics states that their solution will continue to be a standalone product even though it will now also be available through the beqom platform.

"This acquisition will strengthen PayAnalytics market reach to bring our proven methodology to more people, and to accelerate our development, ensuring that we continue to provide our customers with the best in class platform." – Sigurjón Pálsson, PayAnalytics CEO and co-founder

Fabio Ronga, beqom CEO and co-founder adds that

“What distinguished the PayAnalytics solution and team for us was their specialized expertise and sophisticated data approach enabled by a great product. Additionally, the company's headquarters in Iceland places them strategically with a global perspective, straddling both the EU and the US. This unique positioning gives PayAnalytics an inherently global DNA and mindset, a distinction that beqom, headquartered in Switzerland, can appreciate firsthand.”

This acquisition is the first exit for Eyrir Vöxtur which was established in 2020. As for NSA ventures, this means that money will move back into it's evergreen fund to fuel investments into more Icelandic startups.

Notably, this is the second exit in 2023 for Icelandic tech companies focused on specialized cloud-based software solutions, the other being Visma's acquisition of Payday.