Paylocity has announced its agreement to acquire Airbase, which offers a comprehensive set of expense management tools for businesses, for ~USD 325 million.

The acquisition is expected to expand Paylocity's suite of services and reportedly deliver integrated value to HR and finance leaders by providing a single platform for managing all spending across an organization. This move will extend Paylocity's target market beyond human capital management (HCM) and into the Office of the CFO.

Analyst QuickTake: This acquisition marks a significant step for Paylocity in accelerating its growth. Airbase, with its USD 251.5 million in funding and a broad product portfolio, primarily serves large and medium-scale enterprises, providing Paylocity with new avenues for growth in terms of customer base and product offerings.