Apax IX to invest in Paycor
The Apax IX Fund (“Apax IX”) has today announced that it has reached a definitive agreement to invest in Paycor, a leading U.S. provider of payroll and HR-related software.
Founded in 1990 and headquartered in Cincinnati, Ohio, Paycor’s software provides payroll and Human Capital Management services, such as recruitment and onboarding, benefits administration, and time and attendance tracking. The company targets medium and small-sized businesses and has over 38,000 customers across all 50 U.S. states.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to the investment expertise of Apax Partners through its investments in a diversified portfolio of private equity funds advised by Apax Partners as well as derived investments in debt and equity. In May 2016, AGA committed $350m to Apax IX.
Funds advised by Apax Partners invest in Paycor
Cincinnati and New York, September 11, 2018 – Funds advised by Apax Partners announced they have agreed to invest in Human Capital Management company Paycor. Paycor provides HR, payroll, time, recruiting, benefit administration and other services to over 38,000 medium and small-sized companies. Paycor is committed to building great software and delivering differentiated, personal client experiences.
The company has achieved 18 consecutive years of growth, recruited industry veterans to its executive team and increased headcount for proactive customer success management. At the helm is Founder and CEO, Bob Coughlin, who will continue to lead the company.
“Paycor is built on relationships – first and foremost with our customers, but also with partners, associates, investors and the community at large. Since 1990, we have dedicated ourselves to furthering these relationships, and today we are positioned better than ever to continue that mission,” said Bob Coughlin, CEO and Founder of Paycor. “We are proud to be partnering with Apax who is aligned with our strategic growth plans, shares our dedication to exceptional client service and whose expertise in software will support our SaaS HCM platform.”
Jason Wright, Partner at Apax Partners, said: “We have been tracking the payroll and HCM software market for some time due to its size and healthy growth rate. Paycor stood out for the breadth of its product offering, track record of organic growth, and customer-centric approach.
“We look forward to working with Bob and his team to continue to grow the business through investment in product development and geographic expansion.”
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About Apax Global Alpha Limited
AGA is a Guernsey registered closed-ended collective investment scheme incorporated as a non-cellular company that listed on the London Stock Exchange on 15 June 2015. It is regulated by the Guernsey Financial Services Commission.
AGA’s objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised Total Return, across economic cycles, of 12-15% (net of fees and expenses) including a dividend yield of 5% of Net Asset Value.
The investment policy of the Company is to make Private Equity investments in Apax Funds, and Derived Investments which are investments in equities and debt derived from the insights gained via Apax Partners’ Private Equity activities. The Company’s portfolio is expected to be allocated in approximately equal proportions between Private Equity and Derived Investments, although the investment mix will fluctuate over time due to market conditions, investment opportunities, cash flow requirements, the dividend policy and other factors. Further information regarding the Company and its publications are available on the Company’s website at www.apaxglobalalpha.com.
About Apax Partners LLP
Apax Partners is a leading global private equity advisory firm and over its more than 35-year history, Apax Partners has raised and advised funds with aggregate commitments of over €43 billion as at 30 June 2018. Funds advised by Apax Partners invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long_term equity financing to build and strengthen world_class companies. For further information about Apax Partners, please visit www.apax.com.
Apax Partners is authorised and regulated by the Financial Conduct Authority in the UK.