By Rebecca Howard
July 10 (BusinessDesk) - Payroll software provider PaySauce saw strong growth in the second quarter as the number of New Zealand workers receiving their pay through its software continued to climb.
Paysauce, which targets small to medium-sized businesses, said total recurring revenue rose to $343,400 from $156,200 in the same quarter last year. Customer numbers rose to 2,002, from 1,384 in March and 917 in June last year. The number of employees covered rose to 9,851 from 7,237 in March and 4,411 a year earlier. The gross value of the payroll processed was $108.4 million versus $46.5 million a year earlier.
“It’s been a frantic but extremely rewarding quarter, ticking off several big milestones such as our first ever annual report, hitting the 2,000 live processing customer mark, and processing over $100 million of payroll for NZ SME’s," chief executive Asantha Wijeyeratne said.
PaySauce listed on the NZX on Dec. 21 via a backdoor listing through the shell of Energy Mad, with a market capitalisation of $128.6 million, based on the last trade in Energy Mad shares at 2.2 cents.
The stock last traded at 1.1 cents, which values the company at around $64 million
PaySauce provides cloud-based software-as-a-service. It has specialised in services to farming and other primary industries and formed a partnership in December with the 10,000-member Dairy Women’s Network to deliver payroll and compliance services.