Papaya Global acquires the Israeli start-up NickNack for a few million dollars

Papaya Global acquires the Israeli start-up NickNack - a platform that helps connect and motivate employees remotely. It is estimated that the company was acquired for a few million dollars.
Nicknak ​​was founded by Inbal Sheinfeld-Kaojiski, currently the company's CEO, and Sam Ben Dahan, the VP of technology, in May 2020. In January this year, the two came up with the current idea, a system that allows teams to work asynchronously remotely, raising $ 1 million from several Private investors and a small amount from the Viola Fund.
Papaya Global, headed by Einat Gaz, has developed payroll management software for global companies. In September, the company raised $ 250 million - just six months after it became a unicorn (a private company worth more than $ 1 billion) and its value soared to $ 3.7 billion.
Gaz said that "Niknak's solution has been shown to be effective in assisting teams working remotely in creating the chemistry and work culture that existed when the work took place in offices. We are excited to bring Niknak's technology and experience to Papaya's platform, for all our clients."
Papaya Global has had one acquisition so far, also of a small Israeli start-up: in mid-2020, it was reported that the Israeli start-up of Galia Bachar and Maayan Refuah-Horowitz, which developed a system for managing employees, was closed. However shortly afterwards it was announced that Papaya had acquired its technological assets and absorbed all the employees of the company.
Papaya has benefited from digitization processes following the corona crisis, which has forced organizations to improve their conduct remotely. The company is also benefiting from the expansion of global companies in the high-tech industry and their maturation, as well as the emergence of the IPO market. All of these require companies to operate more efficiently and accurately. With the help of Papaya's system, companies can get an up - to - date picture of everything that is happening in the various countries in which they employ workers.