PayGroup (ASX:PYG) flags capital raise and acquisition

• PayGroup (PYG) is preparing to tap investors for additional capital as it gets ready to make an acquisition
• The payroll and human capital management company has entered a trading halt to allow it time to plan and execute a fundraise
• No details have been released on how much PYG is planning to raise or about the future acquisition it’s looking to fund
• Instead the finance stock plans to release the full details of the raise and acquisition before the trading halt expires on Thursday, April 1
• Earlier this week, PayGroup also changed up its leadership team by appointing a new Chief Product Officer
• Shares in PYG last traded for 63 cents on Monday, March 29

PayGroup (PYG) is preparing to tap investors for additional capital as it gets ready to make an acquisition.

The payroll and human capital management company entered a trading halt on Tuesday morning to allow it time to plan and execute a fundraise.

No details have been released just yet on how much PYG is planning to raise or about the future acquisition it’s looking to fund.

Instead the finance stock will release all of the details surrounding the raise and acquisition before the trading halt expires on Thursday, April 1.

Meanwhile, today’s trading halt news follows the company’s recent announcement about changes to its leadership team.

PayGroup revealed on Monday it had appointed Jerome Gouvernel as its new Chief Product Officer.

The U.S.-based technology leader has previous experience working as an executive for the NASDAQ-listed global payroll business ADP as well as other related businesses.

“I am excited to have joined PayGroup as the company begins its next phase of growth,” Jerome said.

“PayGroup is uniquely poised for success in the global payroll and HCM industry and I look forward to the journey to innovate PayGroup’s solutions to better serve existing and new customers and deliver shareholder value,” he added.

Shares in PYG last traded for 63 cents per share on Monday, March 29.