The investment arm of British private equity firm Hg, is investing £17 million ($31.8 million) as part of a larger transaction involving the payroll management firm through Hg’s Genesis Fund. Terms of the deal were not disclosed. (The Logic)
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The investment arm of British private equity firm Hg, is investing £17 million ($31.8 million) as part of a larger transaction involving the payroll management firm through Hg’s Genesis Fund. Terms of the deal were not disclosed. (The Logic)
Talking point: Payworks is at least the fifth Canadian software company Hg has backed. Private equity activity in payroll management in particular is heating up. Last month, U.S. investment giant Thoma Bravo announced it would buy Payworks competitor Dayforce for US$12.3 billion. “We think Payworks has massive headroom to keep taking share from the American giants,” Hg director Alexander Johnson told The Globe and Mail, “and quintuple its size in its existing focus areas.” The deal marks the first outside investment for Payworks, founded 25 years ago by Barb Gamey, who has grown the company’s annual revenue to over US$100 million.
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