Thu, 16 Jan 2025 | BUSINESS SALE
Private equity group Limerston has sold its investment in AI-enabled HR software company elementsuite to payroll and HR solutions provider Zellis.
Watford-based elementsuite serves enterprise customers in the retail, hospitality, and manufacturing sectors. Its clients include Chester Zoo, Travelodge and Five Guys.
Its software, according to Limerston, allows employers to manage their workforce over the breadth of the employee lifecycle from recruitment through to appraisal, with significant benefits to workforce productivity, staff satisfaction and employee retention.
Zellis provides its services to blue-chip clients such as Harrods, Sky and Credit Suisse. It was founded more than half a century ago as Peterborough Data Processing.
It was acquired by Northgate, becoming NorthgateArinso in 2007 and NGA Human Resources UK and Ireland in 2014, where it was joined by Moorepay. In 2018, the UK and Ireland division was sold to Bain Capital and it operated as a standalone company.
In September 2020 it launched Zellis HCM Cloud, the next evolution of ResourceLink, its flagship payroll and HR solution.
Zellis and elementsuite will become one company, bringing together elementsuite's AI-enabled HR and WFM (workforce management) suite with Zellis' payroll and HR platform.
João Rosa, Founding Partner, Limerston Capital said: "We are delighted to have exited elementsuite ahead of plan, following a very successful growth period."
Steve Elcock, CEO/Founder of elementsuite, commented: "We are incredibly proud of the AI-enabled HR suite we have developed in recent years and with the support of Zellis are looking forward to bringing the benefits of our technology to more businesses."
The size of the global HR software market was estimated at $16.43 billion in 2023 and is expected to grow at a CAGR of 12.2 per cent from 2024 to 2030. It is being driven by more firms moving away from on-premise systems to cloud-based platforms due to their scalability, flexibility and cost-effectiveness.
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