Deluxe Small Business Sales Inc – Deluxe is best known for its paper checks, but the company has transformed by offering cloud-based tools and payment tools for SMBs.
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Deluxe Small Business Sales Inc
Deluxe, best known as a paper check company, has launched its digital human resource platform for SMBs to enable them to integrate payroll, hiring, onboarding and time tracking.
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HR Solutions on the Deluxe People platform was launched in the first quarter and is now widely available. Deluxe also said it will bring its small business HR and payroll tools to Microsoft Dynamics 365 Business Central. At first glance, the Deluxe Prime Minister highlights how the COVID-19 pandemic has accelerated the digitization of SMEs. However, if you zoom out, there is a history of digital transformation and over 2 years of work.
I’ve been watching Deluxe for several months now as it shows how a business that embodies paper-based processes (checks and check clearing) can switch to digital technology and enter new markets. HR Solutions is the result of paying on the Deluxe People platform, in cooperation with GoCo.io Inc. and focus on digital transformation.
With the purchase of First American Payment Systems for $ 960 million, a deal that ended June 1, Deluxe was in a hurry to transform its business. Deluxe payments will now account for 29% of the company’s revenues. Deluxe CEO Barry McCarthy said the acquisition of First American is a big step towards becoming a “trusted payment and business technology company.”
McCarthy added that Deluxe will acquire First American and expand to the government, nonprofit, and retail sectors to replenish SMB’s core customer base.
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When announcing the first US deal, Deluxe said its digital transformation had already laid the groundwork for the takeover. Deluxe has built a technology platform that can integrate sourcing, a sales organization for portfolio cross-selling, and the ability to create products.
While the introduction of the HR product and the First American deal are two big steps, they are only possible thanks to the digital transformation plan we’ve developed in advance.
Deluxe CEO McCarthy’s plan was called One Deluxe. In short, One Deluxe aimed to transform the company from a conglomerate of acquisitions into a company focused on product building, organic growth and more strategic acquisitions.
Over the past two years, Deluxe has decided to break silos in its business and become a customer and product oriented company.
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In the first quarter, Deluxe was able to finalize 1,600 contracts and sell its software as a service and cloud platforms, as well as make business payments, promotions and core auditing activities. The financial results are still ongoing. Deluxe posted first-quarter sales of $ 441.3 million, down 9.3% year-on-year, with net income of $ 24.3 million, or 57 cents per share. The company predicts a 2% increase in sales in 2021.
Our transformation into a sales-based payment company and trusted business technology company is paying off and accelerating with the addition of First American. Our One Deluxe strategy is clearly working and our execution is strong. This is a truly new Deluxe, trusted payment and business technology company.
We watch as small businesses continue or accelerate the repositioning of core products. We noticed this in our promotional products business. The business we do there, which is the core of the business, is a pretty good indicator of what is happening in the marketplace as these are forms that people and companies use in the normal course of their business. And we saw a very healthy reflection there. We’ve also seen good growth in our integration services that new businesses use, our web-based and cloud-based enterprise services that help businesses integrate. We believe that the formation of small businesses continues, and we are particularly pleased that small businesses are also starting to recover.
Wall Street models Deluxe to report sales of $ 1.86 billion in 2021 and $ 1.96 billion in 2022. Deluxe stock rose from $ 18.90 to $ 44.33 per share last year, but fell from nearly $ 80 in 2018.
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