Tuesday, 6th June, 2023, Kilkenny, Ireland.
U.S. multinational UKG Inc., a leading provider of HR, payroll and workforce management solutions for all people, has reached an agreement with Kilkenny-based CluneTech to acquire global payroll provider Immedis.
Founded in 2016, Immedis is a subsidiary of CluneTech ̶ a suite of technology companies focused on simplifying global business. Through its cloud-based payroll platform, Immedis delivers multi-country payroll solutions to customers spanning multiple industries across more than 150 countries and 120 currencies. Demand for the Immedis payroll platform has grown strongly and this acquisition reflects an increase in valuation above its last investment round.
With 374 people worldwide, including an Irish workforce of over 100, Immedis provides organizations with a real-time view of data and analytics across their entire global payroll ecosystem, regardless of how payroll is processed at the country level.
The acquisition of Immedis, subject to closing conditions, is expected to be completed within 60 days and propels UKG into a global HCM leadership position with the creation of the industry’s most adaptable, intelligent “schedule to fund in one” experience for multinational businesses. UKG has 15,000 employees and 75,000 customers around the globe. In 2021 UKG acquired Great Place to Work, which has ranked CluneTech as one of Ireland’s best workplaces for the past eight consecutive years, as well as a Best Workplace in Tech™ and a Best Workplace for Women™.
The acquisition of Immedis will help UKG support their customers to transform multi-country payroll, while also providing exciting career opportunities for Immedis employees as part of the UKG business.
“Having worked closely with Immedis for several years, utilizing their technology to help support our customers through a strategic partnership, we are delighted to welcome the team to UKG,” said Chris Todd, chief executive officer at UKG. “The combination of UKG and Immedis will create the HCM industry’s most flexible and intelligent multi-country payroll experience for multinational businesses.”
“We established Immedis to help large companies solve their global payroll problems. I am incredibly proud of the hard work and dedication of the Immedis team over the past seven years to achieve our goal of becoming a global leader in international payroll service and technology,” said Terry Clune, founder of Immedis and CluneTech. “Joining UKG expands the reach and impact of our ground-breaking technology. It also presents tremendous new opportunities for the exceptional people who make Immedis special. I really appreciate the hard work of our incredible team, and I’m delighted that each of our Immedis staff will gain from this acquisition. I’d also like to thank Lead Edge Capital and Scottish Equity Partners (SEP) who have been strong and supportive partners in Immedis’ growth.”
The Irish State will also benefit as an investor in SEP via the Ireland Strategic investment Fund (ISIF).
“Tackling the persistent challenges of global payroll and compliance across multiple countries through completely new and innovative approaches that are technology-led has been the driving force behind our work at Immedis,” said Richard Limpkin, co-founder and chief strategy officer at Immedis. “Now, coupled with the powerful UKG HCM suite and its industry-leading global workforce management, we’re excited to help further redefine the entire multi-country payroll market.”
Hugo Sarrazin, chief product and technology officer at UKG, added: “The formidable combination of UKG and Immedis will be transformative and help us reshape and modernize how North American-based global businesses manage their people — and compliance — worldwide.”
Qatalyst Partners acted as exclusive financial advisor, A&L Goodbody LLP acted as legal advisors and PWC acted as tax advisors to Immedis in relation to the transaction. In addition, DLA Piper LLP and Clerkin Lynch LLP each acted as legal advisors to certain shareholders.