SD Worx Acquires Italian HR Firm Codeas

SD Worx, a European powerhouse in HR and payroll solutions, has significantly amplified its presence in the Italian market through the strategic acquisition of Codeas, a specialized HR consultancy and payroll provider. This move underscores SD Worx's commitment to expanding its service offerings and deepening its local expertise within Italy, a market that has rapidly become its second-largest operational hub.

The integration of Codeas, a firm recognized for its proficiency in personnel administration, payroll processing, and labor relations consultancy, is expected to enhance SD Worx's capabilities in serving medium-sized enterprises across Italy. Founded and steered by Serena Codeleoncini, Codeas brings a dedicated team of approximately 20 professionals and a strong reputation for precision and client-centric service. Post-acquisition, Ms. Codeleoncini will continue to lead the acquired entity, retaining a minority stake, ensuring continuity and leveraging her established leadership.

This latest transaction follows SD Worx's aggressive expansion strategy in Italy, notably its acquisition of F2A earlier in 2024. These combined efforts have propelled Italy to become a critical market for the Belgium-headquartered group, now boasting around 1,400 employees and contributing substantially to SD Worx's overall revenue of €1.3 billion. The company's broader European network spans 27 countries with a workforce of approximately 10,000 individuals.

Alessia Rigoni, Managing Director of SD Worx in Italy, expressed enthusiasm for the addition, stating, "With Codeas, we are welcoming a high-value company that shares our focus on accuracy, reliability and customer service." This sentiment was echoed by CEO Kobe Verdonck, who highlighted that "The strong capabilities and local expertise of Codeas will help us expand the services we can offer to clients in the Italian market." The acquisition is poised to strengthen SD Worx's comprehensive suite of HR and payroll solutions, catering to an increasingly complex regulatory and operational landscape.

The Italian HR and payroll market is experiencing robust growth, driven by digital transformation initiatives and the increasing need for sophisticated compliance management. Companies like SD Worx are strategically positioning themselves to capture this demand. The consolidation trend within the HR tech and services sector reflects a broader industry movement towards integrated platforms and specialized expertise, enabling businesses to streamline operations and enhance employee experience.

Financial details of the acquisition were not publicly disclosed. The transaction saw advisory support from KPMG and PedersoliGattai for the buy-side, while BC& Studio di Consulenza represented the sell-side. This strategic consolidation by SD Worx signals a continued drive for market leadership and enhanced service delivery across key European economies.