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Papaya International clarifies that it isn’t on the market

September 08, 2023

Papaya International formally denied stories of an acquisition deal being thought of with HR startup Deel. Each world venture-backed startups promote providers to allow corporations to rent, pay and handle employees all around the world.

Earlier this week, it was reported that the board of Deel allegedly put in a proposal to buy a ten% stake in Papaya International. The stories cited a “a supply aware of the matter” and a letter by Deel to Papaya International. Enterprise Insider had reported that Deel aimed to amass the stake of one in all Papaya’s traders, US-based enterprise agency Group 11, at a $520 million valuation. Deel chairman and CFO Philippe Bouaziz reportedly additionally floated the concept of buying your entire enterprise.

Nevertheless, Papaya International instructed SIA that it has declined Deel’s proposal.

“The headline of this text is significantly deceptive, at greatest,” Papaya International said.

Papaya International referenced a letter that Deel had emailed to them.

“We surprise concerning the timing of this, as this letter was revealed on Thursday, 31 August, and by 5 September, Deel was reported to have authorized entanglements, which they acknowledged within the media. We suspect the letter’s function was to divert consideration from Deel’s present authorized scenario,” Papaya International said. “Deel’s letter was emailed with no affirmation of its receipt or supply to Papaya’s board, as customary in these issues. To be completely clear: Papaya shares aren’t on the market. We are going to proceed our course to an IPO, preserving our core values of compliance and revolutionary expertise.”

In a letter responding to Deel, which was addressed to Bouaziz, Papaya International CEO and co-founder Eynat Guez wrote, “Whereas we admire Deel’s curiosity in buying Group 11’s place, we respectfully decline your proposal. We’re astonished that your supply one way or the other surfaced publicly. It appears your purpose was, the truth is, to make headlines and to learn from tarnishing our firm’s nice popularity.”

Guez continued, “Concerning the suggestion to ‘work collectively,’ we’ll go, partly due to the allegations of compliance points Deel is at present going through each federally and on state degree in California and Florida, in addition to stories on AML [anti-money laundering] points with the CFTC [Commodity Futures Trading Commission]. We depart it to you to deal with these issues internally. … We proceed on our set course as a market chief, which is underpinned by our distinctive and cutting-edge expertise. We are going to proceed our journey to an IPO.”

SIA reached out as soon as once more to Deel, and the corporate mentioned it had no remark.

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