Immedis Announces €25 Million Investment
Immedis secures €25 million in strategic funding from Scottish Equity Partners
Investment to enable:
- Further international expansion into new markets
- The creation of over 200 new jobs in the next 18 months
- Increased R&D into developing market leading technology solutions
Dublin, 10th June 2019: Immedis, a specialist provider of enterprise technology solutions for global payroll and mobility tax services to multinationals, has today announced that it has secured €25 million in strategic investment from Scottish Equity Partners (SEP), a top-performing venture capital and growth equity firm backed by blue chip international investors including the Ireland Strategic Investment Fund.
Funding Rapid Growth
Immedis, part of Terry Clune’s 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.
Growing into a $43 Billion Market
According to a 2018 Research and Market report, the global payroll and HR market is estimated to be worth over $43 billion globally, and Irish company Immedis is at the forefront of both technology and service in the sector. Immedis’ growth is powered by its unique focus on both a proprietary cloud-based solution that simplifies the management and reporting of global payroll coupled with on-the-ground teams of tax experts providing customer service across payroll and employment tax advisory.
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.”
Using Immedis’ iConnect platform clients of the company can ensure a fully tax and data compliant service in over 130 countries worldwide. As well as offering an easily accessible and user-friendly platform, the company’s teams of tax experts provide the human touch needed to resolve global payroll queries.
For further information:
Immedis is a specialist division of The Taxback Group, a multi award-winning global financial services group. The company is a specialist provider of enterprise technology solutions for global payroll and mobility tax services. With over 170 experts worldwide, Immedis delivers fully managed multi-country payroll and employment tax solutions for organisations with overseas staff – whether local or expatriate. Its cloud-based payroll platform, iConnect provides a consolidated view of global payrolls, improves process efficiency and ensures data, payroll and tax compliance in over 130 countries worldwide. Immedis has offices in Dublin, Kilkenny, New Jersey, Sydney and Varna.
SEP is one of Europe’s leading growth equity firms and for the last two decades has been helping founder-led teams to build their businesses and achieve their ambitions. Providing investment, alongside expertise and support, SEP helps its technology companies to internationalise and maximise their growth potential. SEP has been a supportive investor to more than 160 technology and technology enabled companies, with a particular focus on software and consumer internet sectors. For further information see www.sep.co.uk