Everstone Capital, a premier India and South East Asia focused private equity and real estate investment firm, has acquired the Asia Pacific payroll business of Aon Hewitt. Headquartered in Singapore, the business operates under Payfront Technologies Pte. Ltd. and will be rebranded as “Excelity Global”.
Excelity Global is a leading provider of a broad range of services in payroll processing and human resources management, with over 400 clients across 17 countries in the Asia-Pacific region, serviced through its offices in India, Singapore, China and the Philippines. The company processes over 9 million pay slips annually and has the capability to service clients across industries globally. In addition, the company uses a proprietary and highly scalable platform that includes core payroll processing, data aggregation, and supplemental systems. Gurinder Singh, head of Aon Hewitt’s Asia Pacific payroll business, will continue to serve as the leader of the new organization, as the Chief Executive Officer of Excelity Global.
“We have established a formidable payroll business across India, Singapore, China and the Philippines, and we foresee continued strong demand for high-quality payroll solutions in the region,” said Gurinder Singh, Chief Executive Officer, Excelity Global. “We believe our partners at Everstone have the means and strategic intention to invest in the business and deliver added value to clients. We are deeply committed to the payroll and related HR businesses and will continue to grow it in the region, as well as globally,” he said further.
According to Dhanpal Jhaveri, Managing Partner – Private Equity, Everstone Group, “As a former division of a large global firm, Excelity has built a strong reputation in providing exceptional payroll processing solutions to several marquee Asia based corporates. Today, as an independent firm run by the same management team and using the same technology, we believe Excelity has a greater purpose, focus and future. Everstone will be investing significant capital and resources into Excelity's platform in order to enhance its service offering, and also to maintain leadership in the payroll processing and the broader human resource management space, not just in Asia, but also in other parts of the world.”
About Everstone Group
The Everstone Group is a premier India and South East Asia focused private equity and real estate investment firm. Headquartered in Singapore, Everstone has over 140 people working across five offices (Singapore, Mumbai, Delhi, Bangalore and Mauritius). Everstone was awarded the Private Equity Firm of the Year in India by Private Equity International for four consecutive years (2011, 2012, 2013 and 2014). www.everstonecapital.com
About Excelity Global (Company name: Payfront Technologies Pte. Ltd.)
Excelity Global is a leading provider of a broad range of services in payroll processing and human resources management, with over 400 clients across 17 countries in the Asia-Pacific region, serviced through its offices in India, Singapore, China and the Philippines. We partner with organizations to solve their human capital challenges by providing tailor made outsourcing solutions that are delivered with precision. With a committed workforce of 600 employees, we are constantly challenging the status quo and working behind the scenes to empower the people business of organizations across the globe.