PayGlobal Limited
Registered Office Address
8 Nelson Street
Riccarton
Christchurch
Directors
LANCASTER, Gregory
CHAPMAN, Dennis Alan
History
Incorporated: 07-JAN-1991
Established in 1991 originally as TimeMaster Systems Ltd, PayGlobal has built
a reputation for working with clients to develop flexible, innovative, market
leading solutions that address their unique people management needs.
The concept of the PayGlobal application was born in 1997 and with capital
from New Zealand based venture capitalists No8 Ventures in 2000, PayGlobal
has completely dedicated itself to developing this unique, fully integrated
solution.
PayGlobal has almost 500 client sites throughout Australasia. These clients
come from a full range of industry sectors including healthcare, retail,
manufacturing, education, hospitality, arts and entertainment, and government
administration. Staff numbers range from three to as many as 10,000 and total
over 160,000 employees.
Major Shareholders
No 8 Ventures - 25%
Website
www.payglobal.com
News
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02 November 2001 - The Press
Christchurch Payroll Firm Seeks Capital Boost
Christchurch-based payroll software company PayGlobal is hoping to raise between $3 million &
$6 million in equity to fund expansion overseas next year.
PayGlobal chief executive Donald Hastie told NZPA the human resources software company, which
already has 5 million shares on issue, would take equity-raising plans to institutional
investors during the next two weeks.
Mr Hastie said he hoped to attract the new investor, or investors, by the end of the year so
plans to expand into Singapore and the United Kingdom could go ahead next year.
PayGlobal currently operates in New Zealand and Australia, including most recently a $2
million health contract for 16 hospitals and 5000 employees. Other clients are Montana Wines,
Auckland University of Technology, IHC New Zealand and Country Road Clothing.
The company's client base has grown by 45 percent since beginning its Australian operations
in July.
Venture capital company No 8 Ventures owns a 25 percent share of the business, having
injected $3 million two years ago, and Mr Hastie holds most of the balance of the shares
through a trust.
"We're an organisation that's now looking for its second round of funding," Mr Hastie said.
"We're now making profits so we're not burning cash, and our turnover's up 200 percent on
this time last year. We're on target for $8.5 million (turnover) this year."
PayGlobal started preparing the share issue before the September 11 attacks in the US, and
had not been deterred from its plans by the subsequent dent in investor confidence seen
around the world.
"...The business fundamentals haven't changed, payroll people/management solutions is a
global language, and we feel that if anything we're the safest investment because we're so
far away."
"Historically, in times of recession our revenue increases significantly."
The company had no plans to list on the NZSExchange until the end of next year.
"We just think we wouldn't get the right value for our company on the secondary market. We've
had the option to list, but we think that now's not the right time to do that. We're not
ready to be showing and telling everything, every quarter," Mr Hastie said.
PayGlobal was one of 10 Christchurch companies on accounting firm Deloitte Touche Tohmatsu's
recent list of the top 50 fastest growing New Zealand companies.
No 8 Ventures' owner Morel and Co is handling the share issuing process.
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