Bond International… acquires Eurowage

RSM completed financial due diligence on behalf of AIM listed Bond International Software PLC, in respect of their acquisition of Eurowage Limited for a minimum consideration of £8.5m.

The client

Bond international specialise in the provision of HR & payroll software and services. With operations in the UK, USA, Australia, South Africa, Peru, Japan, Singapore, China & Hong Kong the global team numbers 500 employees; 3,500 customers & over 140,000 users.

Eurowage is an international HR and payroll company who provide fully managed payroll solutions to organisations in c.65 countries. Their solutions fit the requirement for a centralised single payroll process, providing coordination in all aspects of setting up employees in a foreign country, without the need for a complex group of legal entities.

Bond has seen its operations deliver consistent growth in revenue and profitability and was looking to expand its offering both organically and acquisitively. Having successfully partnered Eurowage, the board believed that bringing them into the group would strengthen its offering and drive sustainable growth for payroll revenues and profits. 


'We have been delighted with RSM's service throughout our acquisition of Eurowage Limited. This transaction significantly strengthens our proposition in our payroll operations and RSM were a great asset to our team.'

Bruce Morrison, Bond International Software PLC

Transaction team

David McCulloch, Partner, T: +44 (0)1293 591834

Farhan Jaffer, Associate, T: +44 (0)1293 591720