CluneTech, an Irish-based tech firm, which owns a host of tech solutions focused on simplifying global business, has come to an agreement with U.S. multinational UKG, to acquire its global payroll provider Immedis, in a deal said to be worth over €550 million.
The acquisition of Immedis will help UKG support its customers to transform multi-country payroll - Immedis delivers multi-country payroll solutions to customers spanning multiple industries across more than 150 countries and 120 currencies.
“Having worked closely with Immedis for several years, utilising their technology to help support our customers through a strategic partnership, we are delighted to welcome the team to UKG,” says Chris Todd, CEO of UKG. “The combination of UKG and Immedis will create the HCM industry’s most flexible and intelligent multi-country payroll experience for multinational businesses.”
UKG will also provide 'exciting career opportunities' for Immedis employees - 374 people work worldwide for Immedis as it provides companies with a real-time view of data and analytics across their entire global payroll ecosystem.
“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,” says 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.”
“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,” says Terry Clune, founder of Immedis and CluneTech.
The Irish State will also benefit as an investor in SEP via the Ireland Strategic investment Fund (ISIF). The acquisition, subject to closing conditions, is expected to be completed within 60 days.