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Private equity group Apax Partners will acquire human resources/payroll software company Zellis from Bain Capital.
“Zellis is a recognized leader in the payroll and HR software market, and we have strong expertise from previous Apax Fund investments, including Paycor,” said Roy Mackenzie, a partner at Apax, in a press release provided to PYMNTS on Monday (April 15). Very knowledgeable about the field.
“We have been tracking Zellis closely for some time and believe the Zellis team’s investment in technology and go-to-market infrastructure positions the company for long-term success.”
Zellis was acquired by Bain in 2017.
The company serves around “a third of the FTSE 100” and its payroll software is used to pay or reward about 5 million people every month, according to a press release, with clients including Credit Suisse, carmaker Land Rover and Aer Lingus Company Jaguar.
The Benefex business assists companies in more than 90 countries in providing employee benefits, benefits, rewards and recognition, and communication platforms.
Financial terms were not disclosed. However, this news follows reports in January that Bain & Company was looking to sell Zellis in a deal that would value the company at $2.5 billion.
Reports emerged last month that the mergers and acquisitions (M&A) sector was booming after a long period of lull, with major M&A deals (worth at least $10 billion) more than doubling in the first quarter of this year.
“Large deals are booming,” Tyler Dickson, head of investment banking at Citigroup, told the Financial Times, adding that companies were “taking advantage of market conditions to accelerate growth.”
According to the Financial Times, although the total number of announced deals fell by almost a third, the total value of global M&A increased by 30% to $690 billion. This is a boom in economic activity following a decade-long low last year.
“We are back to average, or back to normal,” said Andre Kelleners, head of mergers and acquisitions for Europe, the Middle East and Africa at Goldman Sachs. “We are seeing a return to very low levels from this period a year ago. There’s been a real, strong rebound.”
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