Ceridian (CDAY) to Acquire Ascender
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Ceridian (NYSE: CDAY; TSX: CDAY), a global leader in human capital management (HCM) technology, today announced it has entered into a definitive share sale agreement to acquire Ascender, a leading payroll and HR solutions provider in Asia Pacific Japan (APJ). Together with Ascender, Ceridian will provide the most comprehensive payroll and human capital management solutions in the region. The transaction is expected to close in the second quarter of 2021.
“The acquisition of Ascender will strengthen our leadership in the APJ region, accelerate our global growth strategy, and deliver even greater value to our customers,” said David Ossip, Chairman and CEO, Ceridian. “I look forward to welcoming the Ascender team to Ceridian and to working together on our shared vision to create exceptional employee experiences.”
“The combination of Ascender with Ceridian will be tremendous news for our employees, customers, and partners, who will benefit from Ceridian’s global scale and award-winning Dayforce platform. We’re committed to helping our customers successfully navigate the future of work as we embark on a new chapter within the Ceridian family,” said Andrew Wilson, CEO, Ascender.
Ascender provides more than 1,200 global brands with leading payroll and HR capabilities. As a premier HCM provider in the region, Ascender has deep industry expertise across all verticals, including higher education and government, as well as a strong partner ecosystem. With this acquisition, Ceridian will serve a combined 1,500 customers and 2.5 million employees across 30 countries in the region, including Australia, China, Japan, Malaysia, New Zealand, Philippines, Singapore, and Thailand.
The Ascender acquisition will support Ceridian’s proven track record of successfully bringing value-driven organizations into the company. Previously, Ceridian acquired Excelity Global, a Singapore-based leading HCM provider, and RITEQ, an Australia-based leading enterprise workforce management provider. With the acquisition, Ceridian will have the opportunity to deliver additional value to Ascender’s customers through the Dayforce platform’s full-suite HCM capabilities, including workforce management, payroll, and time and attendance.
“APJ is the fastest growing region for payroll and HCM, and Ceridian is uniquely positioned to support organizational leaders driving transformation in today’s rapidly changing world,” said Stephen Moore, Head of Asia Pacific Japan, Ceridian. “We look forward to serving more customers in the region with Ceridian’s award-winning products and expanding the breadth and depth of our leadership team.”
Goldman Sachs & Co LLC, PwC, and Minter Ellison are serving as advisors for Ceridian on the acquisition. Morgan Stanley, Gilbert + Tobin, Ernst & Young, and PwC are serving as advisors to Ascender. Ascender is backed by a private equity consortium led by Potentia Capital and 5V Capital, which acquired the company in 2015.
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