JMI Equity had made an undisclosed investment in CoreHR, an Ireland-based provider of human capital management and payroll software. PwC’s London-based tech corporate finance team served as financial advisor to CoreHR.
CORK, IRELAND – January 25, 2016 – CoreHR, a leading provider of cloud-based human capital management (“HCM”) and payroll software, today announced that it has received a strategic growth investment from JMI Equity, a growth equity firm focused on investing in leading software and services companies, and JMI Services LLC, which is the family investment company of John J. Moores. JMI Equity and JMI Services are independently managed firms. CoreHR’s founders will retain significant ownership and along with the current management team will remain actively involved in the business.
“We are delighted to welcome JMI Equity and JMI Services as our new investment partners,’’ said John Goulding, CEO of CoreHR. ‘’This investment will help us to continue our expansion across the U.K., Ireland, and other markets. We are continuing our relentless focus on software innovation, rapid deployment and delivering exceptional HCM and payroll management solutions to our customers. This transaction validates our success to date, provides valuable resources to add to the superb people we have at CoreHR and accelerates our growth through investment in our product, customers and partner network.”
Sean Murphy, Executive Chairman of CoreHR commented: “We’re very excited to be working with JMI Equity and JMI Services. Both firms have exceptional software expertise and networks that will be immensely valuable in bringing our unique cloud based offering to both new and existing customers.
Beyond the expertise they bring, we feel that there is also a great cultural fit. We wanted to ensure that any potential investor would share our vision and ethos. They are as passionate and driven as we are, and that is hugely important to us.”
CoreHR is unique in offering cloud based, enterprise HCM and payroll solutions, which delivers a fully integrated platform to manage both transactional and transformational HR for organisations that range from a thousand to several hundred thousand employees. The solution encompasses the entire employee lifecycle from “hire to retire” including recruitment and onboarding, payroll and compensation, as well as workforce and talent management. CoreHR gives customers a huge breadth and depth of functionality, consumer quality world class user experience and a rapid deployment delivery model, which allows customers to quickly see the benefits of CoreHR to their business.
CoreHR’s customers span a broad range of industries and include Amgen, Arcadia, Net-A-Porter, Pfizer, Primark, and the University of Oxford.
“We consider CoreHR to be the best provider of HCM software solutions in its markets. The Company has a number of compelling opportunities to expand geographically, add new customers, and deepen its involvement with existing customers,” said David Greenberg, General Partner of JMI Equity. “We believe that the added resources of our team and those of JMI Services will enable CoreHR to accelerate its growth strategy, and we look forward to partnering with the Company to help achieve its goals.”
Charles Noell of JMI Services added: “CoreHR has achieved great success in the HCM software sector and we are excited to work closely with the team at CoreHR and our friends at JMI Equity to continue the expansion of CoreHR’s business.”
Under the terms of the transaction, Messrs. Greenberg and Noell and JMI Equity Co-Founder and Managing General Partner Harry Gruner will join CoreHR’s Board of Directors. The technology corporate finance team at PwC in London acted as exclusive financial advisor to CoreHR and its shareholders on the transaction. Travers Smith in London acted as CoreHR’s legal counsel. Goodwin Procter acted as JMI Equity and JMI Services legal counsel.
CoreHR was founded in 1982 by Sean Murphy, Sr. and is headquartered in Cork, Ireland. The Company has grown significantly year on year since foundation and has always been profitable, benefitting from long term family ownership and stewardship. CoreHR is now the cloud-based HCM software partner to some of the world’s leading organisations including Arcadia, University of Oxford, Primark and Ladbrokes. CoreHR manages all strategic and transactional HR and Payroll processes with highly intuitive and easy to use solutions that streamline processes, improve operational efficiencies and reduce costs.
For more information on CoreHR, visit www.corehr.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software and services companies.
Founded in 1992, JMI has invested in over 120 businesses in its target markets and has raised more than $3 billion of committed capital. Combining domain expertise and active partnership, JMI works with management teams to build market-leading businesses and create long-term shareholder value.
Realized investments from JMI funds include Autotask, Axeda, BigMachines, Eloqua, Ellucian, Gemcom, PowerPlan and ServiceNow. For more information on JMI, visit www.jmi.com.
About JMI Services LLC
JMI Services, LLC is the holding company of John Moores, the founder and former chairman and CEO of BMC Software, Inc. Charles Noell is President and CEO of JMI Services, co-founder of JMI Equity, and a former director of ServiceNow, Inc. (NYSE: NOW). Among its holdings, JMI Services currently holds investments in 11 software companies in the U.S. and Europe. JMI Services focuses on enterprise application software businesses with substantial growth opportunities and proven customer value propositions.