Wed, 19 Jul 2023 | BUSINESS SALE
HR, payroll and workforce management specialist UKG has announced the acquisition of global payroll provider Immedis, in a deal that sees it immediately launch a new product. Based in Kilkenny, Ireland, Immedis also has operations in France, Germany, Bulgaria and the US, with a multinational customer base spanning a number of key industries.
UKG announced that it had agreed to acquire the company from CluneTech in June and the deal has now closed. Immediately upon the deal’s completion, UKG announced the launch of its new multi-country payroll product UKG One View, which was developed in close collaboration between the two companies.
Amid strong and growing demand for its payroll platform, Immedis has established a major, multinational presence. The deal is reported to be worth more than €550 million (approximately £476.6 million), which represents an increase in valuation above Immedis’ last investment round.
UKG CEO Chris Todd said that the combination of the two firms would “create the HCM [Human Capital Management] industry’s most flexible and intelligent multi-country payroll experience for multinational businesses.”
UKG’s Chief Product and Technology Officer Hugo Sarrazin said that the new product would create “the new standard for multi-country payroll”. He added: "By delivering real-time visibility regardless of where an employee is located or what in-country payroll provider is utilised, multinational businesses now have an unprecedented opportunity to transform this critical and costly operation."
Immedis co-founder Richard Limpkin, who joins UKG as vice-president of multi-country payroll solutions, said that the acquisition and launch of UKG One View would enable employees to “benefit from a singular schedule to fund in one experience — consistent around the world — giving them the trust and confidence that they're being paid fairly, accurately, and on time."
M&A is growing in the professional services market. Read more about what's driving this dealmaking in our in-depth insight.
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