Irish tax group eyes $20m-plus acquisition in US
Immedis signs deal with Irish golfer to help promote its brand with US multinationals
Irish tax group Immedis announced a three-and-a-half-year sponsorship with Offaly golfer Shane Lowry at St Anne’s Golf Club, Dublin, on Monday. Photograph: ©INPHO/Morgan Treacy
Irish tax advisory group Immedis is pursuing an acquisition in the US, which it hopes to close in the first quarter of this year.
Immedis executive director Ruairi Kelleher told The Irish Times that the company is in talks with two potential acquisition targets in the price range of $20 million to $40 million. “We would hope to close either one or the other of them in the first quarter of next year,” he said.
The company, which is owned by Terry Clune’s Taxback. com, has signed a 3½-year deal with leading Irish professional golfer Shane Lowry and hopes to use this to promote its brand with American multinationals.
Mr Kelleher said Immedis is targeting revenues in the US of between $40 million and $50 million by the end of its sponsorship arrangement with Mr Lowry.
“Our focus is very much on growth...purely on growing revenues and on the bottom line,” he said. “We are looking at larger scale acquisitions over the next 12 months.”
The deal will see Lowry take up a role as a global brand ambassador for Immedis, wearing its logo on the left sleeve of all golf clothing and hosting a variety of corporate events for its clients in the US, UK and Europe.
The wider Taxback Group branding will also appear on his tour bag with the deal running until the end of 2020.
In addition, the company said its partnership involved an “investment agreement between Immedis, Shane Lowry and Horizon Sports Management”, the golfer’s representatives.
Mr Kelleher declined to explain exactly what this meant, except to say that it would be beyond the standard brand ambassador role.
Immedis provides global payroll to multinationals around the world. It was rebranded seven months ago and launched as a specialist division of the Taxback Group.
This was followed by a $10 million acquisition of US international payroll company Expaticore.
Immedis also recently announced plans to add 150 jobs over the next three years, and Mr Kelleher said it is also looking to grow in Asia. Its global clients include Wayfair, Kerry, NYIT and Airbus, with about one-third of its business coming from Ireland.
The Taxback Group was formed in 1996 and has more than 1,100 employees in 33 offices worldwide.