Figures completes acquisition of Payspective
Figures, the company behind the real-time compensation benchmark application of the same name, has announced the acquisition of Payspective as part of its growth strategy.
The Figures platform allows companies to benchmark market salaries on more than a hundred roles from all over Europe while easily managing your compensation policy, and was founded in France. But having experienced rapid growth into Germany, it is now working on a further European expansion, with a particular focus on the UK, the Netherlands and Scandinavia.
Already offering a similar range of services in the UK, Payspective presented an ideal opportunity for Figures to make a move on the UK market.
Payspective is originally a spin-off from Movemeon, a tech-enabled recruitment company founded by McKinsey alumni Nick Patterson and Rich Rosser in 2012. Having been asked by clients how much they should be offering for a given role and hearing complaints about the lack of relevant benchmarks in the market on countless occasions, they resolved to tackle the issue head-on, resulting in the benchmarking product Figures is purchasing.
The acquisition by Figures comes on the back of a successful €1.7 million (£1.47 m) fundraising bid led by Seedcamp and will add 115 clients to the 400 that the business currently has, adding up-to-date compensation and benefits data on nearly 10,000 employees.
Figures Co-founder and CEO, Virgile Raingeard, comments: “Our aim for Figures has always been to help make salary negotiations more fluid, removing some of the complexity from salary policy management, while bringing more transparency to what has traditionally been a very secretive area. Helping businesses to get the talent they need at the same time as enabling fair pay for all.
“With our sights set on European expansion, and the UK market a particular goal, Payspective presented an intriguing proposition, bringing 115 new customers, while providing our existing client base with new and valuable insights.”
Patrick Maier, Payspective GM comments: “We’re all extremely excited about this next step. Payspective has the largest and most recent compensation dataset for startups & scaleups in the UK. Combining this with the best compensation benchmarking product in Europe and giving all our clients the opportunity to use the tool that Figures has built over the last year is something I couldn’t be more excited about.”