GrowthCurve Capital (“GrowthCurve”) has purchased Netchex, a well-known supplier of cloud-based human capital management and payroll software. GrowthCurve is buying the company from Primus Capital (“Primus”) affiliates. The deal’s financial details weren’t made public.
Netchex, a global leader in providing human capital management (“HCM”) and payroll software solutions to the small to medium enterprise (“SME”) market, was established in 2003 by CEO Will Boudreaux and co-founder Stuart Ethridge. Netchex, a cloud-based provider of HCM tools with headquarters in Covington, Louisiana, offers a comprehensive range of services such as core HR, payroll, time & attendance management, benefits administration, talent management, reporting & analytics, among other items. The Company provides services to over 6,000 organizations nationally in a variety of industries, with the primary goal of simplifying HR, benefits, and payroll through its unique technological platform and unwavering dedication to customer satisfaction. In addition to other recognition from the industry, Netchex was named one of the Top Performers by G2 Crowd.
GrowthCurve Capital is a private equity firm that specializes in establishing world-class companies by utilizing data, analytics, and machine learning together with a thorough approach to human capital to spur value creation and accelerate growth. With the help of GrowthCurve’s investment, Netchex will be able to expand into new areas and further speed the implementation of its AI plan, which includes the creation of new data analytics products.
Will Boudreaux, founder and CEO of Netchex, said, “We’re happy of the tremendous differentiation and strong brand that we have established in the marketplace. Netchex is one of the fastest growing HCM technology firms in the industry. GrowthCurve is the perfect 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 simple, logical, and a key value driver for the SME market. Additionally, we appreciate Primus Capital’s cooperation and assistance while they were Netchex investors.”
“Netchex is a leader in the rapidly expanding HCM and payroll software industry, with an impressive solution that provides seamless end-to-end functionality for the end user,” said Matthew Popper, Head of Technology and Information Services Investing at GrowthCurve. “We’re excited to work with Will and the rest of the management team to speed up Netchex’s growth, which will include putting GrowthCurve’s functional capabilities at the nexus of data analytics and human capital to further the business’s innovation-focused culture.”
“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,” continued Sim Allan, Vice President at GrowthCurve. “We are thrilled to be working in partnership with Will and the inventive Netchex team to continue providing creative HR solutions that address our clients’ most pressing talent-related concerns.”
“It has been a privilege to work with Netchex and the management group under Will Boudreaux. While Primus Capital was an investor, the company carried out various growth efforts and established itself as a market leader in SaaS payroll,” according to Aaron Davis, Managing Director at Primus Capital. “Netchex has a bright future, and GrowthCurve is a great partner to build on the success so far.”
Ted Gaty, the former Chief Product & Technology Officer of Paylocity, will join the Board of Directors of Netchex in addition to representation from GrowthCurve, assisting in the advancement of critical business initiatives.
Netchex received legal and financial advice from Goodwin Procter and Lincoln International, respectively. GrowthCurve’s exclusive financial advisor was Jefferies LLC, and its legal counsel was Davis Polk & Wardwell.
Source: Businesswire
