Celergo, a provider of payroll services, has raised $15 million from growth equity firm Frontier Capital. The financing will help Celergo expand its sales, marketing and service delivery resources, the company said in a statement. Celergo is based in Deerfield, Illinois, and has offices in London and Singapore. Frontier Capital is based in Charlotte, N.C.
Celergo, a leading provider of consolidated global payroll services, today announced that it has received $15 million in expansion funding from Frontier Capital. Frontier is a private equity firm providing growth equity to technology enabled business services companies.
Multinational corporations rely on Celergo as the central processor through which they pay a globally dispersed workforce. Celergo is currently delivering payroll in 97 countries and provides its clients centralized control, enhanced visibility, and cost efficiencies in managing the complex world of local payments and compliance. Frontier’s investment will support expansion of sales, marketing and service delivery resources together with further enhancement of the company’s solutions. A portion of the proceeds were also used to redeem certain shareholders.
“Celergo has consistently experienced exceptional growth. This can be attributed to the value delivered by our solutions making us a trusted partner to a growing number of multinationals seeking to simplify and secure their global payroll practices,” said Michele Honomichl, Founder and Chief Executive Officer of Celergo. “With this funding from Frontier Capital we will be able to accelerate the introduction of additional solutions and enhance service delivery as we increase the number of customers we serve.”
“We have been very impressed with the evolution of Celergo as it has brought innovative solutions to the payment of global workforces,” said Michael Ramich, Partner of Frontier Capital. “Now more than ever, leading multinationals are demanding the reliability, efficiency and transparency delivered by Celergo solutions. We are pleased to partner with Celergo in accelerating the company’s growth trajectory.”
Celergo currently provides global payroll services in 97 countries. Celergo helps clients from around the world streamline their global payroll process through a single system ensuring compliance, consolidation efficiencies, and ease of expansion to additional countries. Headquartered in Deerfield, IL Celergo also has offices in London and Singapore. For more information about Celergo and its solutions, visit www.celergo.com
About Frontier Capital
Frontier Capital provides capital and resources to business services companies seeking to accelerate growth, fund acquisitions, or generate shareholder liquidity. We invest in profitable, high growth companies with exceptional management teams. Since our founding in 1999, Frontier Capital has built an excellent track record of delivering returns to both our investors and management partners. The firm is headquartered in Charlotte, NC and currently has over $200 million under management. To learn more about Frontier, please visit FrontierCapital.com