Ceridian Canada Ltd, a human resources software and services provider, has received $150 million in funding. The investment was made by U.S. private equity firm Thomas H. Lee Partners and Fidelity National Financial Ventures Group, which acquired Ceridian for about US$5.3 billion in a take-private deal in November 2007. Ceridian’s management team, including Chairman and CEO David Ossip, also invested. Ceridian, which operates from Minneapolis, Minnesota and Toronto, said the funding will be used to sustain growth of the company’s Dayforce HCM product, a cloud-based talent management application. Dayforce revenue grew 59 percent in 2015, Ceridian reported.
Photo: David Ossip, chairman and CEO of Ceridian Canada Ltd.
Ceridian Receives Additional $150 Million Capital Investment as Dayforce Success Accelerates
Higher Win-Rates & New Customer Orders Driving Market Share Gains
TORONTO, ON–(Marketwired – March 30, 2016) – Ceridian, a global human capital management technology company, announced that shareholders including Thomas H. Lee Partners L.P., Fidelity National Financial Ventures Group (NYSE: FNFV), and Ceridian management, including CEO David Ossip, are investing an additional $150M in Ceridian to fund the continued rapid growth of Dayforce. The company’s Dayforce revenue grew 59% in 2015 as compared to 2014 on a constant currency basis and there are now over 2,500 Dayforce customers.
David Ossip, Chairman and CEO of Ceridian, said, “Our cloud business, led by the award winning Dayforce technology, is accelerating in the marketplace. Our new business wins were up again year-over-year in 2015 and continued to outpace our expectations.”
Ceridian attributes the tremendous success of the Dayforce product to its strong culture and team. In the past year, Ceridian has been recognized with numerous awards including the Glassdoor Employees Choice Award and Highest Rated CEO, Achievers 50 Most Engaged Workplaces™ in North America, and Canada’s Top 100 Employers.
Thomas Hagerty, managing director at Thomas H. Lee Partners L.P., stated, “We look forward to participating in the continued success of Dayforce and Ceridian’s ongoing transformation. The growth and success of Ceridian’s Dayforce product has far exceeded our expectations. We are proud to accelerate the growth of Ceridian’s cloud business with this investment.”
Chairman of FNFV Group, William P. Foley, II, added, “Ceridian’s Dayforce product is clearly winning in the marketplace. This capital will allow the company to make the investments required to significantly increase the growth of cloud-based revenue at Ceridian and further enhance the reported financial results of the company.”
Ceridian is a global human capital management technology company serving more than 50 countries. Our offering includes the award winning, cloud-based Dayforce HCM, Global Solutions, and Small Business Payroll. Ceridian. Makes Work Life Better™ For more information about Ceridian solutions call 1-877-237-4342 or visit www.ceridian.ca.
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Photo courtesy of Ceridian Canada Ltd