Le Lézard
Classified in: Science and technology
Subject: Merger/Acquisition

GrowthCurve Capital Acquires Netchex, A Leading Provider of Cloud-Based Human Capital Management and Payroll Software Solutions

Netchex ("Netchex" or the "Company"), a leading provider of cloud-based human capital management and payroll software, today announced that it has been acquired by GrowthCurve Capital ("GrowthCurve"). GrowthCurve is acquiring the business from affiliates of Primus Capital ("Primus"). Terms of the transaction were not disclosed.

Founded in 2003 by CEO Will Boudreaux and co-founder Stuart Ethridge, Netchex is a leading provider of human capital management ("HCM") and payroll software solutions to the small to medium enterprise ("SME") market. Headquartered in Covington, Louisiana, Netchex provides an integrated suite of cloud-based HCM products including core HR, payroll, time & attendance management, benefits administration, talent management, and reporting & analytics, among other solutions. The Company serves over 6,000 businesses across a range of industries nationwide, with the core mission of making HR, benefits, and payroll easy through its differentiated technology platform and strong commitment to client service. Among other industry accolades, Netchex has been included in G2 Crowd's list of Top Performers.

GrowthCurve Capital is a private equity firm focused on building world-class businesses by leveraging data, analytics, and machine learning, combined with a comprehensive approach to human capital, to accelerate growth and drive value creation. GrowthCurve's investment will enable Netchex to further accelerate its AI strategy, including development of new data analytics products; support the launch of new business lines; and expand into new markets.

"Netchex is one of the fastest growing HCM technology companies in the industry, and we're proud of the significant differentiation and strong brand that we have developed in the marketplace," said Will Boudreaux, Founder and CEO of Netchex. "GrowthCurve is the ideal partner to support the next phase of Netchex's growth, and their expertise in AI, human capital, and scaling data-centric companies will provide a strong foundation for our vision to make HCM easy, intuitive, and a core value driver for the SME market. We also thank Primus Capital for their partnership and support while they were investors in Netchex."

Matthew Popper, Head of Technology and Information Services Investing at GrowthCurve, said, "Netchex is a leader in the fast-growing HCM and payroll software industry, with an impressive solution that provides seamless end-to-end functionality for the end user. We look forward to partnering with Will and the rest of the management team to accelerate Netchex's growth, including applying GrowthCurve's functional capabilities at the intersection of data analytics and human capital to build on the Company's culture of innovation and expand the platform's capabilities."

Sim Allan, Vice President at GrowthCurve, added, "Netchex is incredibly well positioned to capture the large market opportunity for leveraging software, data analytics, and AI to help SMEs efficiently and comprehensively manage talent. We are excited to be partnering with Will and the entrepreneurial team at Netchex to continue delivering innovative HR solutions that solve our clients' most critical talent-related needs."

"It has been an honor to partner with a great company like Netchex and a management team led by Will Boudreaux. The company executed numerous growth initiatives while Primus Capital was an investor and carved out a leadership position in the SaaS payroll market," said Aaron Davis, Managing Director at Primus Capital. "The future is bright for Netchex and GrowthCurve is a fantastic partner to further build on the success to date."

In addition to representatives from GrowthCurve, Ted Gaty, former Chief Product & Technology Officer of Paylocity, will join the Board of Directors of Netchex, helping drive key strategic priorities for the business.

Lincoln International served as financial advisor and Goodwin Procter served as legal counsel to Netchex. Jefferies LLC served as exclusive financial advisor and Davis Polk & Wardwell served as legal counsel to GrowthCurve.

About Netchex

Netchex offers businesses a comprehensive, cloud-based suite of payroll, human resources and benefit administrative services backed by dedicated support specialists. Regardless of the number of employees or your payroll complexity, Netchex can tailor HR tech solutions to fit your needs. This rare combination of comprehensive payroll software solutions, dedicated support and flexible offerings helps you easily manage employee engagement and simplify your entire payroll process. For more information, please visit https://netchex.com

About GrowthCurve Capital

GrowthCurve Capital is a private equity firm focused on building world-class businesses by leveraging data, analytics, and machine learning, combined with a comprehensive approach to human capital, to accelerate growth and drive value creation. Founded by Sumit Rajpal, former Global Co-Head of the Goldman Sachs Merchant Banking Division, the firm focuses on control-oriented private equity investments primarily across the financial and information services, healthcare, and technology sectors. For more information, please visit www.GrowthCurveCapital.com and follow the firm on LinkedIn.

These press releases may also interest you

at 23:10
SoftBank Corp. (TOKYO: 9434, "SoftBank") today announced that from October 2023 it will launch a full-fledged expansion of its global IoT business in the Asia-Pacific (APAC) region. In this sales expansion that spans 19 countries and regions,...

at 22:35
The automotive stereo camera market size is estimated to grow by USD 534.29 million from 2022 to 2027, growing at a CAGR of 8.75%. The automotive stereo camera market is fragmented owing to the presence of many global and regional companies. A few...

at 22:15
The "Border Security Systems - Global Strategic Business Report" report has been added to  ResearchAndMarkets.com's offering. Global Border Security System Market to Reach $70.5 Billion by 2030The global market for Border Security System estimated...

at 22:00
The "Global Peptone Market Report and Forecast 2023-2028" report has been added to  ResearchAndMarkets.com's offering. Global peptone market is forecasted to reach a value of $210 million by 2028 from $166.12 million in 2023, growing at a CAGR of...

at 21:58
The U.S. Food and Drug Administration (FDA) has granted approval for EntroGen's CRCdx® RAS Mutation Detection Kit as a companion diagnostic for Vectibix® (panitumumab), a targeted therapy used in the treatment of colorectal cancer. This landmark...

at 21:15
The radiopharmaceuticals market size is expected to grow by USD 4.61 billion from 2022 to 2027. In addition, the momentum of the market will be progressing at a CAGR of 10.22% during the forecast period, according to Technavio Research. The market...

News published on and distributed by: