Irish payroll group Immedis is expecting to grow in the coming years following the acquisition of US firm Expaticore for $10m.
Immedis spun out from the larger Taxback Group back in 1996 as a company focusing on corporate payroll. It currently has 50 staff in Ireland out of a total of 1,100 worldwide.
The company has just revealed that it purchased US payroll firm Expaticore for $10m as it eyes further international expansion of its software platform, which allows corporations to manage payroll in different countries and currencies.
According to The Irish Times, Immedis is expecting to create up to 150 jobs over the course of the next three years, but has only confirmed that the majority of these will be at its Dublin branch.
The acquisition was agreed after two years of dealings between the two firms.
Expaticore is a slightly smaller operation, with 35 staff at its New Jersey office and software that is being used in 60 different countries.
Similar to Immedis, its main business is tailored payroll programme design, implementation and administration solutions for companies worldwide.
Speaking about the acquisition, Ruairi Kelleher, executive director of Immedis, said: “This is a wonderful day for Immedis and a significant milestone. We see real potential for the services we offer in the US market and are delighted to welcome our colleagues at Expaticore on board.
“There are clear synergies between the two businesses including our global payroll technology and tax expertise, combined with their knowledge on international payroll.
“There is little doubt that this level of expertise along with their talented team and network in the US will be extremely beneficial to Immedis and to our clients.”
This new business will add to Immedis’ current list of clients including Airbus, ESB International and Lifes2Good.