GrowthCurve Capital acquires payroll software firm Netchex

• Netchex was founded in 2003 by CEO Will Boudreaux and co-founder Stuart Ethridge
• Lincoln International served as financial advisor to Netchex while Jefferies LLC served as financial advisor to GrowthCurve
• GrowthCurve Capital was founded by Sumit Rajpal, former global co-head of the Goldman Sachs Merchant Banking Division

GrowthCurve Capital has acquired Covington, Louisiana-based Netchex, a provider of cloud-based human capital management and payroll software. The seller is Primus Capital.

Netchex was founded in 2003 by CEO Will Boudreaux and co-founder Stuart Ethridge.

On the deal, Sim Allan, vice president at GrowthCurve, said in a statement, “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. We are excited to be partnering with Will and the entrepreneurial team at Netchex to continue delivering innovative HR solutions that solve our clients’ most critical talent-related needs.”

In addition to representatives from GrowthCurve, Ted Gaty, former chief product & technology officer of Paylocity, will join Netchex’s board of directors.

Lincoln International served as financial advisor and Goodwin Procter served as legal counsel to Netchex. Jefferies LLC served as financial advisor and Davis Polk & Wardwell served as legal counsel to GrowthCurve.

GrowthCurve Capital was founded by Sumit Rajpal, former global co-head of the Goldman Sachs Merchant Banking Division. The firm is focused on the financial and information services, healthcare, and technology sectors.