Hourly, a startup providing workers’ compensation, time tracking, and payroll solutions, is merging with small business insurance provider WeSure Digital.
WeSure is the US subsidiary of the publicly traded insurance and technology group WeSure Global Tech, based in Israel. WeSure partnered with AmTrust Financial, which also invested in the company.
Along with the merger, the combined company, valued at $53mn, announced $10mn in new funding.
Hourly is a startup that provides a comprehensive platform integrating workers’ compensation, time tracking, and payroll solutions specifically for businesses with hourly workers. They aim to simplify these traditionally separate processes into a single, user-friendly application.
Hourly raised about $39mn from several investors, including MS&AD Ventures. The platform leverages real-time data to calculate accurate workers’ compensation premiums and streamline payroll processing.
Hourly will become a wholly owned subsidiary of WeSure Global Tech, and Hourly shareholders will receive shares of WeSure US representing about 49% of its fully diluted issued and outstanding share capital after the transaction. Hourly’s 2024 revenue reached about $3.5mn.
Tom Sagi, CEO of Hourly, stated that the merger with WeSure Global Tech marks an important milestone for Hourly.
He noted that tens of millions of dollars have been invested in developing their technology in recent years and described this strategic step as an opportunity to strengthen focus on payroll management and employee benefits by using synergies with the WeSure Group, including advanced technologies and strong professional and managerial expertise in the insurance sector.
The merger with WeSure Global Tech is an important milestone for Hourly. Tens of millions of dollars have been invested in developing our technology in recent years.
Tom Sagi, CEO of Hourly
“We see this strategic move as an opportunity to deepen our focus on payroll management and employee benefits while using the synergies with the WeSure Group, including advanced technologies and strong professional and managerial expertise, especially in the insurance sector, which we have come to know well in recent months,” said Tom Sagi.
Emil Vainshel, Chairman of WeSure Global Tech Group, stated that the agreement with Hourly aligns with their strategy to expand US operations through mergers and acquisitions.
He added that joining with Hourly will provide access to a new customer base and enable the company to offer a broader range of advanced insurance solutions, delivering added value to all involved.
