Deel, a global employer-of-record platform, made an offer to acquire fellow EOR platform Papaya Global, according to media reports. A source close to Deel also confirmed to Staffing Industry Analysts that an offer was made.

Deel itself declined to comment.

Both Deel and Papaya Global are listed in the Unicorns in the Workforce Solutions Ecosystem report released last year by SIA; it counted 72 unicorns in the workforce solutions space. Unicorns are firms with valuations of more than $1 billion. Deel had a $12 billion valuation, while Papaya Global had a $3.7 billion valuation.

According to Deel’s website, the company supports 15,000 businesses and is available in 150 countries. Investors include Emilie Choi, president and COO at Coinbase, and Dara Khosrowshahi, CEO of Uber.

Update: Papaya Global said it is not entertaining an offer to be acquired by Deel.