Irish company Immedis is to ramp up its US presence with the $10 million acquisition of New Jersey-based international payroll company Expaticore.
The acquisition is a first for Immedis, which is owned by Taxback Group, and whose clients include Airbus, Kerry Group, Wayfair, NYIT and ESB International. The deal paves the way for the creation of 150 jobs over the next three years, most of which will be in Dublin.
An international payroll specialist, Immedis operates a proprietary centralised tech platform which allows companies manage payroll across different countries.
Ruairi Kelleher, executive director of Immedis, said the deal was a “significant milestone” for Immedis. “The US is a key growth market for us, and it allows us to get a strong footprint and access on the ground,” he said, adding that there were “clear synergies” between the two businesses.
Immedis has been working with Expaticore, a US international payroll company, which operates in over 60 countries, as a partner for the last two years. With a workforce of 35 at its New Jersey office, its main business is to transform global payroll functions by introducing tailored payroll programme design, implementation and administration solutions for companies worldwide.
Post-acquisition, Mr Kelleher said the staff and senior management would remain with the company, and it would look to continue to grow. “We will look to bring out more services to existing clients.”
Immedis was formed last November when Taxback Group, a global financial services group established in 1996, pulled out its specialist corporate division and rebranded it Immedis.Today it employs 50 people, with revenues undisclosed “for commercial reasons”, said Mr Kelleher.
With the company making some key hirings over the coming months, and looking to build its teams, an exit is not on the horizon.
“We have no desire at the moment to look at a trade sale or any other exit. We believe the market is such a large one we want to take a good chunk of that and drive revenue. That’s our main focus for the moment,” said Mr Kelleher.