Ruairi Kelleher, CEO, Immedis

Immedis, a specialist provider of enterprise technology solutions for global payroll and mobility tax services to multinationals, has announced that it has secured €25 million in strategic investment from Scottish Equity Partners (SEP), a venture capital and growth equity firm backed by blue-chip international investors including the Ireland Strategic Investment Fund.

Part of the global financial technology company Taxback Group, Immedis has grown rapidly thanks to its global payroll technology solution, iConnect, which uses robotic process automation, AI and powerful data visualisation.  With over 170 experts worldwide, Immedis, headquartered in Dublin, Ireland, delivers fully managed multi-country payroll and employment tax solutions for organisations with overseas staff. Its cloud-based payroll platform, iConnect provides a consolidated view of global payrolls, ensures data, payroll and tax compliance in over 130 countries worldwide.

Speaking about the announcement today from the company’s office in Dublin, CEO Ruairi Kelleher said: ‘We are delighted to be partnering with SEP. Their investment and experience of scaling technology companies will help us further execute on our ambition to be the best in the world, continuing to balance our market-leading technology with deep international tax knowledge that puts our platform to the fore of the global payroll landscape.”

According to a 2018 Research and Market report, the global payroll and HR market is estimated to be worth over $43 billion globally. This investment will see Immedis expand further into growing markets across the US, EMEA and APAC. It will also aid the company’s expansion by creating more than 200 jobs over the next 18 months.

SEP is a Glasgow based private equity firm specializing in direct and secondary direct investments. Providing investment, alongside expertise and support, SEP helps its technology companies to internationalise and maximise their growth potential. SEP has been a supportive investor to more than 160 technology and technology-enabled companies, with a focus on software and consumer internet sectors.

“Our investment is a vote of confidence in the business, helping it to continue to innovate through further investment into its product and people. With its combination of expertise, technology, talent and track record to date, we are excited to have Immedis join our investment portfolio.”, said Keith Davidson, a Partner at SEP.

by Megha Bhattacharya
Market Analyst at IBS Intelligence