Valuation of Irish tech company hits $575m
Immedis, the leader in consolidated global payroll solutions, today announced that it has secured a $50m strategic investment from Lead Edge Capital, a growth-stage investment fund based in New York and California. The valuation of this Irish technology company has grown to over $575m in just 18 months, since the last round of financing led by Scottish Equity Partners, who remain investors in the Company. This investment will support global growth, including the opening of a West Coast and Singapore office to service the increased demand from US and APAC clients. Immedis was founded and is majority owned by Terry Clune of the Clune Technology Group.
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Ruairi Kelleher, CEO of Immedis said “We are proud to be working with Lead Edge Capital, a highly regarded growth equity fund that we have had the pleasure of getting to know well in advance of this transaction. This is an incredibly exciting time for Immedis, our customers, our partners and our employees.”
“Immedis is redefining how organizations are managing global payroll through service and technology. What they have achieved to date is exceptional. The Company is trusted by some of the world’s fastest growing enterprises like ServiceNow, Uber and Nutanix and we are excited to help fast track the Immedis success story,” adds Brian Neider, Partner at Lead Edge Capital, who will join Immedis’ Board of Directors.
Terry Clune, Founder and Chairman of Immedis said “I want to thank our incredible Immedis team for always focusing on building the best. We have an exceptional management team, led by CEO Ruairi Kelleher and Mark Graham with Christine Keily and Richard Limpkin. And we are delighted to be joined by Lead Edge Capital and Brian Neider on the next phase of our growth.”
The new Investment caps off an exceptional year for Immedis. During 2020, employers have been further embracing remote working, leading to more distributed multi-national employee pools. Additionally, recent market reports from Beroe conclude that the Multi-Country Payroll Outsourcing market Is growing at over 20% annually. The aforementioned market dynamics along with Immedis’ highly focused execution has led to greater than 100% bookings growth on a year over year basis and acceleration in core KPIs for the business.
About Lead Edge Capital
Lead Edge Capital is a growth stage investment fund that has raised over $3 billion in capital since inception. The firm is active across the technology landscape, primarily focused on software, internet and technology enabled services investments globally. Current and former portfolio companies include Alibaba Group, Asana, Bazaarvoice, Duo Security, Signal Sciences, Spotify, Toast and WorkHuman Lead Edge offers its entrepreneurs flexible capital and extensive domain expertise via its robust Limited Partner Network, a global advisory group of leading executives, entrepreneurs, and dealmakers who have built and run some of the world’s most successful companies. Lead Edge leverages its LPs to connect companies with the customers, partners talent and advisors needed to accelerate success. The firm was founded in 2009 and has offices in New York City and Southern California.
Immedis is the global leader in consolidated global payroll solutions. Processing payroll in over 150 countries, the Immedis Platform provides a unified view of global payroll operations, real-time data analytics, and advanced reporting capability, while ensuring legislative compliance and data security. Immedis’ deep integration capabilities with HCM and finance providers, dramatically simplifies multi-country payroll obligations. Immedis was founded and is majority owned by the Clune Technology Group.