Private equity firm Everstone Capital has acquired the Asia Pacific payroll business of HR consultancy firm Aon Hewitt.
The Singapore-based Asia Pacific payroll business of Aon Hewitt, which operates under Payfront Technologies, would be re-branded as Excelity Global.
Everstone Capital is an India and South East Asia-focused private equity and real estate investment firm
Gurinder Singh, head of Aon Hewitt’s Asia Pacific payroll business, will continue to lead as the Chief Executive Officer of Excelity Global.
“We believe Everstone has the means and strategic intention to invest in the business and deliver added value to the clients. We are deeply committed to the payroll and related HR businesses and will continue to grow it in the region and globally,” Singh said.
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.
Excelity Global will provide payroll processing and human resources management services, with over 400 clients across 17 countries in the Asia-Pacific region. It has offices in India, Singapore, China and the Philippines.