RSM completes acquisition of Alfa Software and aspires to become the Czech leader in payroll and HR solutions
Prague, 1 November 2023
The RSM consultancy company is expanding, again thanks to the acquisition of a payroll and HR software solution. With Klatovy-based Alfa Software, it acquires more than 2,000 clients and expands into new segments. While until now the company has focused on developing solutions for medium and large commercial companies through its owned Nugget software, it is now adding secondary and primary schools, kindergartens, hospitals and authorities to its portfolio. With this merger, RSM has the ambition to become the strongest player in payroll and HR systems on the Czech market. More than 300 thousand Czech employees will depend on the company’s solutions.
RSM is growing at a double-digit rate both domestically and globally, and with the presentation of its financial results last year, it already boasted of its plan to double the volume of its business by 2030. The investment in Alfa Software of Klatovy and its products – payroll and attendance systems – is now set to make a significant contribution to this.
“Alfa Software celebrated 20 years since its foundation in the summer and the results of our work today make me and my colleagues proud. Currently our team takes care of 2,200 clients, whom we help to successfully manage the payroll and HR agenda, the company is in very good shape and I am sure that in the experienced hands of a global brand it will have further development and a great future,” says Alfa Software founder Eva Maurerová. “I have agreed with RSM to transfer 100% of the shares, but I will remain part of the team for at least another year to contribute to a smooth transition under the RSM brand.”
According to Monika Marečková, managing partner of RSM in the Czech Republic, the entire domestic market of HR and payroll systems is waiting for consolidation. “Transformation is inevitable – many of the payroll software systems on the market date back to the 1990s and are simply not sufficient for the current needs of companies. As a result, founders are often faced with the decision of whether to invest tens of millions in upgrading, or to sell and leave it to others.” And this is not the first time RSM has bought into the payroll services segment – it invested in Czech developers Nugget SW four years ago. After the fresh merger between RSM and Alfa Software, the HR services of the RSM Group will employ more than 100 people and generate an average turnover of almost CZK 150 million in 2023.
“At this moment, thanks to the merger with Alfa Software and our colleagues from Nugget, we are now at the forefront of the Czech market in the field of payroll and HR systems. This is a truly significant step that motivates us to further development. I believe that Alfa Software’s clients will also find the possibility to use our additional services interesting and, just like for existing RSM clients, the new payroll or time and attendance system and the solution of multiple services under one roof can be a very attractive way,” says Monika Marečková, managing partner. RSM’s teams are also involved in M&A, valuation, tax advisory and accounting and technology services, and are currently relied upon by more than 1,230 clients.
Alfa Software will rebrand under the wings of RSM during 2024. However, no other major changes are planned, both in relation to the company’s employees and clients. On the other hand, Monika Marečková, managing partner of RSM, mentions that thanks to the size of its payroll team, it wants to become an even more attractive employer for those who are considering a career in the IT, accounting and consulting services sector.
About RSM
RSM’s global consulting network focuses primarily on mid-sized companies. After the so-called “Big Four” (i.e. Deloitte, PwC, EY and KPMG), it is the second largest consultancy in the world, i.e. the sixth largest overall. Overall, the network operates with 830 offices in 120 countries. In the Czech Republic and Slovakia, it operates offices in Prague, Brno, Pardubice, Trebic and Bratislava. RSM’s clients include Albert, Microsoft, Weber, Hewlett-Packard, ADP, Packeta International, Seznam.cz, EW EUROWAG, Emplify, Productboard, CPI and Memsource. With the new acquisition, Alfa Software is targeting revenues of 430mn in 2023 and employs 290 people.
About Alfa Software
Alfa Software develops, sells and services computer programs for payroll and attendance processing. By selling programs from its own shop, its customer care begins. In addition to monitoring legislation, creating new program versions and providing telephone advice, the company has also developed a customer education system and assists small and large companies from all industries with payroll and HR. In particular, the company focuses on the healthcare and education sectors, but it also looks after manufacturing companies, service companies and municipal and city authorities. The company was founded in 2003 by Eva Maurerová and Vladimír Kozák. From 2009 until October 2023, Eva Maurerová was the sole managing director and 100% owner of the company.
