The Access Group, a portfolio company of TA Associates and Hg, has acquired London and Ireland-based CoreHR, a cloud-based HR and payroll software provider. No financial terms were disclosed. Arma Partners was financial advisor to CoreHR, which was backed by JMI Equity.
The Access Group, today announced the acquisition of CoreHR, a UK and Ireland market leader in HR and Payroll software for Mid-Market & Enterprise level businesses. The addition of CoreHR, follows soon after the groups’ acquisition of People, one of the UK’s leading providers of HR software to Small & Medium Enterprises (SME’s). Combined with Access’s existing market presence it will become the HR and Payroll leader in the UK and Ireland markets, with the capabilities to support organisations of any size, with all their HR and Payroll needs.
CoreHR’s world-class HR software, currently serves more than 270 customers with more than 1 million users accessing the solutions. With a very strong presence across the Public, Government & Education, Retail, Hospitality & Leisure and FMCG, Distribution & Manufacturing sectors, CoreHR currently serves some of the UK’s best known organisations including, Aston Villa, Cineworld, JD Sports, Rank Group and the University of Oxford. The CoreHR solution set covers the key areas of HCM including People Management, Payroll, Workforce Management, Recruitment, Talent Management and Learning and going forward will be made available through the Access Workspace platform. Access Workspace is a cloud-based platform that delivers a suite of business solutions enabling collaboration and communication across the entire workplace.
This most recent acquisition firmly establishes Access’s leadership position in the UK marketplace, with revenues in this sector alone, in excess of £100m. The combination of these HCM focused assets will form the Access People Division and Dean Forbes, the current CEO of CoreHR, will become its President.
Chris Bayne, CEO of Access, commented:
“The European HCM and Payroll market is worth $5.2Bn with just under half of this market being served by pure SaaS solutions with an impressive growth rate of over 15%. CoreHR is a key player in this space and adds significant scope for Access to deliver even more solutions, to a broader range of organisations, across multiple markets, in particular allowing us to bring Access Workspace to the Irish market. The combined HCM offerings, Access can now deliver, will further strengthen our ability to take a bigger share of this growing market over the coming years, with our goal to double the current revenues by the end of our 2024 financial year.”
Dean Forbes, CEO of CoreHR also shares:
“Over the past 36 years CoreHR has created a world class Human Capital Management system, built on the expertise of our people, in partnership with our customers that delivers real value. When we met the team at Access we recognised the opportunity to provide an excellent home for our customers, solutions and the team at CoreHR, as we step into our next stage of growth. Access is fully committed to help us further enhance the depth and range of our products directly and via connectivity to the Access Workspace Suite of solutions. We are excited to be joining Access as part of the newly formed Access People Division and everyone in the team from Access and CoreHR are fully committed to helping make Access the company of choice for HCM, HR and Payroll solutions.”
Access is one of the fastest growing UK based tech businesses in the world and has recently announced impressive results for the year ended 30th Jun 2019. Posting more than 40% growth in both revenues and EBITDA for this period.