Payroll company PaySpace receives prestigious Frost & Sullivan award

Cloud-based payroll and human capital management company PaySpace has been awarded the prestigious Frost & Sullivan 2015 South African Product Leadership of the Year Award for Enterprise Resource Planning Systems.

Established by Bruce, Warren, Clyde van Wyk and George Karageorgiades (pictured above) in 2000, PaySpace offers low-cost, cloud-based payroll and human capital management (HCM) enterprise software.

Frost & Sullivan has awarded PaySpace for its impressive growth achieved over the years. The payroll software has increased its usage from 18 countries in 2011 to 37 countries in 2014.

Read more: Study: fewer than half of SA’s SMEs use cloud services

Fadzai Deda, Frost & Sullivan Best Practices analyst adds that the company founds itself in a sweet spot:

PaySpace has positioned itself as a leading end-to-end HCM software developer and provider. Owing to a pay-as-you-use model, its customers have the flexibility to readily change their payroll and HCM as the need arises.

Frost & Sullivan expects companies to increase spending budgets on enterprise resource planning systems at a forecasted compounded rate of 11.6% between 2013 and 2017.

However, a recent report found that fewer than half of South Africa’s SMEs have adopted cloud services.

PaySpace co-founder Bruce van Wyk, says that PaySpace is unlike the legacy on-premise systems, which require annual licensing fees and are costly to maintain. PaySpace customers pay per pay slip and that customers can access their software and information anytime, anywhere in the world with no software required.

The founders plan on expanding the service to Eastern Europe in the near future.