We have advised Employes, a Dutch SaaS company offering intuitive payroll and HR software, on its sale to Ageras A/S, a leading European provider of accounting, banking, and business software solutions.
Founded in 2018 by Rob Kroezen and Marius van den Oever, Employes has reinvented payroll for modern businesses in the Netherlands. With intuitive software designed for entrepreneurs, the platform enables do-it-yourself payroll in the complex Dutch regulatory environment. In recent years, Employes has experienced rapid and profitable growth. Currently, Employes serves over 6,000 companies and is recommended or used by more than 300 bookkeeping firms who manage payroll for small businesses.
Ageras was founded in 2012 by serial entrepreneurs Rico Andersen and Martin Hegelund, and has since grown into a pan-European software platform offering invoicing, accounting, banking, and payroll features over 400,000 small businesses across Europe. Ageras' vision is to enable success for small businesses by simplifying their administration. By integrating its solutions into a single platform for invoicing, accounting, payroll, banking, and financing, it enables business owners to focus on running their business. In the Netherlands, Ageras is best known through its brand Tellow, acquired from Rabobank in 2020. The acquisition of Employes marks Ageras’ second acquisition in 2025 and its eighth to date, and reflects its ambition to expand its footprint in payroll technology across Europe.
Employes’ complementary product offering, strong market position, and modern tech stack are highly aligned with Ageras’ ambition to deliver seamless, user-friendly financial solutions across the entire back-office workflow of small businesses. With Ageras as a strategic partner, Employes is well-positioned to accelerate its product development, expand its market reach, and further professionalise its operations, while continuing to deliver high-quality solutions and support to its clients.
We supported the shareholders and management team of Employes in defining the company’s strategic positioning, preparing for a competitive M&A process, and identifying the right partner for the next phase of growth. Throughout the transaction, we provided hands-on guidance in articulating Employes’ equity story, engaging with domestic and international buyers, and negotiating the transaction within a tight timeline. This transaction highlights our deep expertise in the SaaS and broader software sector, as well as our commitment to supporting founder-led businesses realise their ambitions through carefully structured partnerships.
