Irish business Immedis raises $50m for payroll tech

7 Dec 2020

From left: Immedis chief commercial officer Mark Graham, CEO Ruairi Kelleher, and chair Terry Clune. Image: Robbie Reynolds

The payroll software developer has been valued at $575m after receiving fresh funding.

Irish tech company Immedis has secured $50m in investment from Lead Edge Capital, a growth-stage investment fund based in New York and California.

Immedis, which develops payroll software, is now valued at more than $575m. The latest funding follows a €25m investment from Scottish Equity Partners in 2019, which enabled Immedis to expand its business.

The company has offices in Dublin, London, New Jersey, Sydney and Bulgaria. It said that the fresh funding will support global growth, including the opening of new offices in Singapore and the west coast of the US to serve clients in Asia Pacific and North America.

Next phase of growth

Immedis was founded by tech entrepreneur Terry Clune as part of his Taxback Group. It launched as its own brand in 2016 and is now majority owned by the Clune Technology Group.

The company’s platform processes payroll in more than 150 countries, providing employers with real-time data analytics and advanced reporting capabilities while ensuring compliance and data security.

“Immedis is redefining how organisations are managing global payroll through service and technology,” said Brian Neider, a partner a Lead Edge Capital who will now join Immedis’s board of directors.

“The company is trusted by some of the world’s fastest growing enterprises like ServiceNow, Uber and Nutanix, and we are excited to help fast-track the Immedis success story.”

Immedis described 2020 as an “exceptional year” for the business, with the shift to remote and distributed working driving the demand for enterprise tech. It claimed that it saw more than 100pc year-on-year bookings growth.

Ruairi Kelleher, CEO of the company, said it is an “incredibly exciting time for Immedis” with this new injection of investment. Founder and chair Clune added that the company is now looking at the “next phase” of its growth.

Sarah Harford was sub-editor of Silicon Republic