Our Corporate team has advised UK-based business banking platform, Tide, on its acquisition of the payroll solutions business of Onfolk.
Following the acquisition, Onfolk will be integrated into the Tide app as 'Tide Payroll', with the Onfolk team joining Tide to lead the new payroll division.
Founded in 2020 and headquartered in London, Onfolk offers a leading HMRC-recognised payroll software solution with features including payslip generation, tax code automation, and storage of payroll documentation.
The team advising Tide consisted of Corporate Partner Chris Letters and Associate Alex Lakeland-Reed, supported by Partner Sharmela Kalmer, Associates Hannah Barnett and Olivia Nimmo (Intellectual Property); Legal Director Hannah Swindle and Associate Phil Borisov (Employment); and Partner Joss Paulley and Senior Associate Claire van Ristell (Data Protection).
Chris Letters commented: "This acquisition is a testament to Tide's commitment to continually enhancing its platform for the benefit of its members. We are proud to have supported Tide on this significant milestone and are excited to see how this integration will benefit their time-pressed SME members."
Onfolk co-founders Michael Colley and Naz Malik said: "We're very excited about Onfolk becoming part of Tide, a leader in supporting small businesses. We're fully aligned with their mission to save business owners time and money, and we see this as an incredible opportunity to make payroll even more accessible to businesses around the world. As part of Tide, we'll help businesses spend less time on admin and more time focusing on what they do best, leading and growing their business."
Tide CEO, Oliver Prill, said: "Payroll is a significant part of running any successful small business and we want to help our members simplify that process. Once again, Tide is making an admin heavy process simple for small business owners by connecting it seamlessly with the myriad of disjointed finance and admin tasks. As a result, small businesses can increasingly run their business almost entirely from a single intuitive app."
Gowling WLG's global Corporate practice offer a complete range of services, from domestic and cross border M&A, private equity and joint ventures through to complex reorganisations, providing industry-leading legal support and sector expertise to deliver on clients' objectives.