Western Australia-based employee management platform Definitiv has secured a seven-figure investment from a Singapore-based consultancy firm, which now has minority stake in the Perth technology business.
Founded by 2014 and 2018 40under40 winner, Roy Mellon, Definitiv is a cloud-based payroll and human resources platform designed to reduce payroll processing time and boost employee satisfaction.
The platform, which launched late 2016, was initially funded off the back off Mr Mellon’s previous payroll business, 2015 Rising Stars winner Proactiv Payroll.
Its recent investor, BoardRoom, provides 5,500 clients worldwide with corporate solutions intended to improve employee engagement.
BoardRoom chief executive Rhett Tregunna said the consultancy had an acquisition strategy and had been searching for a payroll provider to pass onto its clients.
“After researching the market, we felt that Definitiv represented an exciting opportunity due to its integrated software solution capabilities, technological innovation and service offering,” he said.
Mr Tregunna said Definitiv’s single touch payroll capability was a major drawcard.
Single touch payroll reports salaries and wages, pay-as-you-go withholding and superannuation information to the Australian Taxation Office (ATO) as each employee is paid.
The ATO has stated that employers with 20 or more employees will need to have single touch payroll capabilities by July this year.
Definitiv can run through an app and also offers human resource features.
It currently supports over 130 businesses and $600 million in transactions across a range of industries, and is seeking new leads through BoardRoom.
Mr Mellon said Definitiv would be aiming to employ more staff locally.
“The partnership with BoardRoom has really opened doors for us, with an immediate national footprint in Sydney, Melbourne and Brisbane,” he said.
“Plus leveraging BoardRoom’s international presence and large client pool, we will be using this to our full advantage to grow Definitiv’s market share.”
