Thailand-based business solutions provider Humanica and Indonesia-based human resources technology provider have agreed to combine the two businesses in an all-stock transaction.
The merger will enable a diversified portfolio of over 2 million users to be served with technology and innovations in software and multi-country payroll outsourcing that have been developed over more than 20 years.
The deal will see the founders of DataOn acquire approximately 21.6% of the combined company on a fully diluted basis, while Humanica’s shareholders will own approximately 78.4%.
Expected to close in the first quarter of 2022, the transaction is subject to the approval from Stock Exchange of Thailand and shareholders of Humanica.
“Together we will rapidly develop new flagship products that can be deployed to over 5,000 existing clients in both companies and also used to penetrate new market segments,” said Humanica CEO Soontorn Dentham.
“We will expand our multi-country HR outsourcing services to cover more than 10 countries in the region from the full localisation of our HR platform as we enjoy a competitive advantage over other regional players who do not have full localisation for each country,” he said.
The management team will be comprised of senior executives from both companies. Soontorn Dentham will serve as the Group CEO while Gordon Enns is expected to join the Board of Directors, subsequent to shareholder and regulatory approval.
Enns will continue as CEO of DataOn during the period where the companies are integrating their operations before ascending to his expanded role, especially in our technology and products.