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Shareholder meeting

May 21, 2021

SD Worx accelerates digital innovation and becomes majority shareholder of Teal Partners

SD Worx, a leading European HR & Payroll services provider, has become the majority shareholder of Teal Partners. Ever since the start of this Belgian software development provider, SD Worx has had a close collaboration with Teal Partners on various innovative products and services. For the last two years SD Worx has already been a minority shareholder of Teal Partners. With SD Worx now acquiring 74% of its shares, Teal Partners can pick up speed in their growth ambitions and increase its impact on the digital transformation in various sectors.

Teal Partners counts 28 employees, serving a range of well-known customers, such as Deloitte, Xerius and Actief Interim. The software developer will keep its own identity and brand and will continue to focus on the realisation of innovative digital solutions for customers of all sizes in various industries.

"We are very happy with the trust we get from a major international player such as SD Worx. Their belief in Teal Partners, as well as their available expertise and strength, makes SD Worx the ideal partner. We are convinced that this collaboration will accelerate our growth and increase our impact on the digital transformation in various sectors", says Koen Denies, founding partner at Teal Partners.

"Teal Partners helps their customers with the digital transformation of their core business, a mission that is very similar to our focus on digital innovation to serve our customers and their employees in the best possible way. This only confirms our trust in this new addition to the SD Worx family. It goes without saying that this transaction will only bring extra opportunities for Teal Partners' existing customers and employees. We have seen what this young company is capable of and we encourage their entrepreneurial drive. By strengthening them financially and strategically, we trust they will realise their full potential", says Tom Wouters, Chief Product Officer at SD Worx.

About SD Worx

In today's new world of work, people want to be inspired by what they do and have the freedom to focus on what matters. Organisations need dynamic, motivated workforces empowered by smart technology. As a leading European provider of people solutions, SD Worx turns HR into a source of value for their customers' business and the people that work for them. SD Worx delivers people solutions across the entire employee lifecycle, from paying employees to attracting, rewarding and developing the talents who make businesses succeed. SD Worx powers performance through four core capabilities: technology, outsourcing, expertise and data-driven insights.

More than 76,000 small and large organisations across the globe place their trust in SD Worx and its +75 years' worth of experience. SD Worx offers its people solutions in 150 countries, calculates the salaries of approximately 5 million employees and ranks among the top five worldwide. The more than 5,300 employees at SD Worx operate in sixteen countries: Belgium (HQ), Austria, Estonia, Finland, France, Germany, Ireland, Luxembourg, Mauritius, Netherlands, Norway, Poland, Spain, Sweden, Switzerland and the UK. In 2020, SD Worx achieved a consolidated turnover of more than EUR 800 million (pro forma).