Publication -

On November 16th 2017, Fair Trade Authority Curaçao (FTAC) has received a notification of an acquisition. In this notification, it is stated that AFAS Software Caribbean B.V. will gain full control over the intellectual property rights of PayTime, PeopleTime and the Payslip Portal, which have all been developed by BearingPoint Caribbean. In addition AFAS will also take over the existing license agreements BearingPoint has with the clients using these softwares.

After an assessment done by FTAC, it is concluded that the notified acquisition falls within the scope of chapter 5 of the National Ordinance on Competition.

The undertakings concerned carry out the following activities:

  • AFAS Software Caribbean: delivers administrative business software and services, such as HRM, Payroll, CRM and Order Management;
  • PayTime: software for the execution of payroll;
  • PeopleTime: software for the automation of the personnel administration; and
  • Payslip Portal: software to provide employees with digital pay slips and tax cards.

The notification of this concentration has been published in the Curaçaosche Courant of July 6th, 2018, which is in accordance with the third paragraph of article 5.4 of the National Ordinance on Competition.