Payroll software provider PaySauce says its recurring revenue more than doubled in the March quarter and its customer numbers jumped 86 percent from a year earlier.
“By migrating our entire customer base to Inland Revenue’s new “Payday Filing” system in the fourth quarter of 2018, well ahead of the April deadline, we were free to focus on product and partnerships,” says co-founder and chief executive Asantha Wijeyeratne.
The company kicked off its strategic partnership in earnest with key industry body Dairy Women’s Network with a series of educational workshops delivered in collaboration with DairyNZ, Wijeyeratne says.
“We hosted 11 events spanning from Gore in the deep south to Taipa in the far north attended by hundreds of our target customers. These were held in the lead-up to major payroll compliance changes under Payday Filing, giving us an opportunity to address real and pressing concerns for attendees,” he says.
Paysauce, which targets small to medium-sized businesses, says total recurring revenue rose to $240,000 from $117,000 in the same quarter last year. Customer numbers rose to 1,384 from 746 and the number of employees covered climbed to 7,237 from 3,729.
PaySauce listed on NZX on Dec. 21 via a backdoor listing through the shell of Energy Mad, which then had a market capitalisation of $128.6 million, based on the last trade in Energy Mad shares at 2.2 cents.
PaySauce shares last traded yesterday at 1.1 cents, valuing the company at $64.3 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.
Among its services, it provides payday advances that cost employers nothing but allow workers to bypass payday lenders by drawing down their own salary.