Pennine Ventures, the Manchester company behind GoSimpleTax and Coconut has acquired payroll software firm, MyPAYE.
While they haven’t released any financial details behind the deal, MyPAYE’s most recently filed accounts in June 2023, for the financial year ending September 2022, show it had a turnover of £129,510 and a profit of £8239.
“We’ve been looking for a good home for MyPAYE as I approach retirement,” explained MyPAYE CEO, Tim Sheppard.
“The team at Pennine Ventures provide that in abundance, giving MyPAYE a place to prosper and grow. I look forward to working with them over the coming years to bring these ambitions to reality.”
Pennine Ventures acquired Coconut a year ago.
“As GoSimpleTax and Coconut grow we’re getting more enquiries for a simple payroll,” said Pennine Ventures, MD, James Cryne.
“The MyPAYE platform is a leading cloud provider for our segment and makes payroll preparation easy for both accountants and individuals.”
GoSimpleTax and Coconut have 24k customers and with the addition of MyPAYE they aim to establish the business as a challenger in the UK cloud software space, with bookkeeping, seamless bank account integration, income tax filing and payroll for small businesses and their accountants.
