Circula

HR Tech · Spend Management · Fintech

Acquisition

Personio acquires spend-management startup Circula in its biggest deal

The combination fuses payroll, expenses and benefits into one system, closing a gap most European HR software still leaves split across vendors.

• Munich-based HR and payroll platform Personio has acquired Berlin spend-management startup Circula, calling it the largest acquisition in its history; financial terms were not disclosed.
• Founded in Berlin in 2017 by Nikolai Skatchkov, Circula runs a spend-management platform covering expenses, corporate cards, accounts payable and tax-optimised benefits for over 3,000 European businesses and 250,000 users.
• Circula will rebrand as "Circula by Personio" and keep operating as a standalone product for customers who don't use Personio, while deepening existing DATEV integrations for tax advisors.
• Personio CEO Hanno Renner told Reuters Circula has revenue "well into double-digit millions" and has grown at a strong double-digit percentage rate, while Personio itself has been profitable since the start of 2026.
• The deal is Personio's second acquisition in 2026, following its April purchase of recruiting-AI startup aurio, extending a pattern of buying into adjacent HR functions rather than building them in-house.
• By folding payroll, expenses and benefits into a single platform, Personio is positioning itself as the one system European employers run their whole workforce on, raising the bar for rivals still selling point solutions.