Glasgow-based Scottish Equity Partners (SEP) has invested €25 million (£22.3million) in Immedis, a specialist provider of enterprise technology solutions for global payroll and mobility tax services to multinationals.
Immedis, part of global financial technology company Taxback Group, has grown rapidly thanks to its innovative global payroll technology solution, iConnect, which has revolutionised the global payroll market due to its use of robotic process automation, AI and powerful data visualisation.
Clients have grown to include Uber, Wayfair, First Derivatives, NYIT, and DCC. This investment will see Immedis expand further into growing markets across the US, EMEA and APAC. Speaking about the announcement, Chairman Terry Clune said: ‘Immedis has a proven track record of delivering global payroll for some of the world’s biggest companies through our innovative technology solution. I am delighted to welcome SEP as part of our organisation to continue the enormous success of Immedis on a global scale’.
Over the past 24 months the company has grown from 10 employees in 2016 to over 170 people today. The company has ambitious plans to increase headcount further, with over 200 new roles planned over the next 18 months, making it one of the most rapidly scaling indigenous companies in Ireland’s financial technology sector.
The new roles will support the company’s ongoing expansion, providing a growing number of the world’s largest organisations with global payroll services and software. With recruitment commencing immediately, the roles will include experts in tax, compliance, IT, software development, marketing, finance, and sales.
Speaking about the announcement today from the company’s office in Dublin, CEO Ruairi Kelleher said: ‘We are delighted to be partnering with SEP. Their investment and experience of scaling technology companies will help us further execute on our ambition to be the best in the world, continuing to balance our market leading technology with deep international tax knowledge that puts our platform to the fore of the global payroll landscape.
This external validation proves that we are making significant inroads into the global market and doing so in a compelling and sustainable manner. We are delighted to announce the creation of new roles across all areas of the business to ensure our position at the leading edge of our industry whilst maintaining the highest standards that underpin what Immedis represents.”
“Immedis has a fantastic record of growth to date, the leading cloud-based global payroll platform in iConnect, and an exceptional track record of delivering for its customers” said Keith Davidson, a Partner at SEP. “Our investment is a vote of confidence in the business, helping it to continue to innovate through further investment into its product and people. With its combination of expertise, technology, talent and track record to date, we are excited to have Immedis join our investment portfolio.”