Payoneer, a cross-border payment processing platform, acquired Skuad, an employer-of-record provider based in Singapore, for USD 61 million plus additional possible earnouts worth USD 20 million in cash and equity over the next 18 months.

“We are excited to announce that Skuad, a global workforce and payroll management company that is redefining the future of work, is joining Payoneer,” according to a LinkedIn post by Payoneer. “With the addition of Skuad’s capabilities to the Payoneer financial stack, we are taking the next step in supporting the global operations and growth of SMBs around the world.”

Skuad was launched in 2019 by Sundeep Sahi and is focused on international hiring, according to a Techcrunch article. It operates in more than 160 countries and it has raised approximately USD 19 million in venture funding.

“This union reflects our commitment to empowering businesses worldwide and revolutionizing global employment,” Sahi said in a LinkedIn post.

Payoneer’s payment processing services are marketed toward small and midsize businesses as well as freelancers and others. The New York-based firm also reported second-quarter earnings on 7 August and noted that revenue rose 16% year over year to $239.5 million.