Serent Capital has made an investment in Apex Payroll Software, a provider of software that is used by payroll service bureaus to serve the human resources needs of small and medium sized businesses.
Apex’s suite of products and services allows service bureaus to process payroll, ensure tax compliance, provide workforce management, and manage human resources functions on behalf of their clients. Over 220 payroll service firms nationally use Apex’s software. The company is based north of Atlanta in Roswell, GA (www.apexpayroll.com).
Serent will be partnering with founders Stephen Gregg, Cathy Gregg, and Marty Hamby in the next stage of Apex’s growth. “Apex weighed the decision to partner with Serent very carefully and placed a high degree of importance on finding a firm that shared our values,” said Stephen Gregg, Founder and CEO of Apex. “We were impressed with Serent’s knowledge of our industry, and their experience working with fast-growing software businesses to help them thrive and scale. With Serent’s partnership, we will be able to invest more into our product and services so that we can provide an even better customer experience.”
“Investing in human resource technology providers continues to be a focus area for us, and we are thrilled that Steve and his team selected Serent as Apex’s strategic capital partner,” said Kevin Frick, Partner and Co-Founder at Serent Capital. “Apex has built a great business, with a strong and loyal customer base. We are excited about the opportunity to work with the executive team to build on the remarkable success that they have had, with the goal of providing an ever-better experience to our existing and future customers.”
Serent’s investment in Apex represents its fifth investment in the human resources technology space in the last two years; Avionté (2014), ICon Professional Services (2015), Synergy Services (2015, combined with ICon to form TalentWave), and Humanis (2016, combined with Avionte).
Serent Capital invests from $10 million to $50 million in service businesses with revenues of $10 million to $100 million and EBITDAs up to $15 million. Transaction types include buyouts, recapitalizations and growth capital. The firm is based in San Francisco (www.serentcapital.com).
© 2016 Private Equity Professional • 10-28-16
