Work and teams are becoming more distributed and global. This trend was highlighted in the 2019 Workplace Intelligence Report. As a result, we’ve seen growth of existing global payroll providers, and some new emerging market entries. Payroll, while a basic requirement for running a business, is not a basic endeavor. Tax and compliance regulations vary by country, region, state and province, and even by city and town. While technology exists to enable global payroll, employers require guidance and consulting as they begin to consider global expansion whether via acquisition of talent or mergers & acquisitions. The latest to secure a significant round of funding in this category hails from Dublin, Ireland. Immedis has raised $28.2 Million USD for global expansion.
From the Immedis Press Release:
Immedis, a specialist provider of enterprise technology solutions for global payroll and mobility tax services to multinationals, has today announced that it has secured €25 million in strategic investment from Scottish Equity Partners (SEP), a top-performing venture capital and growth equity firm backed by blue chip international investors including the Ireland Strategic Investment Fund.Funding Rapid GrowthImmedis, part of Terry Clune’s global financial technology company Taxback Group, has grown rapidly thanks to its innovative global payroll technology solution, iConnect, which has revolutionised the global payroll market due to its use of robotic process automation, AI and powerful data visualisation. Clients have grown to include Uber, Wayfair, First Derivatives, NYIT, and DCC. This investment will see Immedis expand further into growing markets across the US, EMEA and APAC. Speaking about the announcement, Chairman Terry Clune said: ‘Immedis has a proven track record of delivering global payroll for some of the world’s biggest companies through our innovative technology solution. I am delighted to welcome SEP as part of our organisation to continue the enormous success of Immedis on a global scale’.