The board of Deel, an HR startup last valued at $12 billion, has allegedly put in an offer to purchase a 10% stake in a competitor, Papaya Global, reports Business Insider (paywall), citing “a source familiar with the matter”. 

The Information also reported on the offer. Both global venture-backed start-ups sell services to enable companies to hire, pay and manage workers all over the world. Business Insider reported that Deel would like to acquire the stake of one of Papaya’s investors, US-based venture firm Group 11, at a $520 million valuation. Deel’s chairman and CFO, Philippe Bouaziz reportedly also floated the idea of acquiring the entire business, the publication reports. Staffing Industry Analysts reached out to Deel and the company stated that it had no comment on the matter.

SIA report on Employer of Record and Independent Contractor Evaluation and Compliance Landscape Summary 2023 was published last month.

The story has been updated with comment from Papaya Global. 

SIA reached out to Papaya Global. In a comment, Papaya Global said, “The headline of this article (Business Insider)  is greatly misleading, at best."

Last week, it was reported that the US Commodity Futures Trading Commission froze the assets of one of the largest trading site, MyForexFunds, last week, accusing it of defrauding investors. Deel was a payout provider for MyForexFunds.