Pamlico Capital has made an investment in DayNine Consulting, a provider of Cloud services used for human resources applications. DayNine’s management and employees will retain majority ownership of the company and a representative of Pamlico will join the DayNine Board of Directors.
DayNine Consulting is a Workday (NYSE: WDAY) services partner. DayNine deploys and optimizes Workday’s cloud-based applications including Human Capital Management, Workday Payroll, Workday Financial Management, and Workday Recruiting. DayNine has offices in seven North American and European cities and customer engagements in 83 countries (www.daynine.com).
The new investment from Pamlico will support an expansion strategy and to further develop proprietary tools that differentiate DayNine’s capabilities in the Workday ecosystem.
“Our focus on investing in software services businesses that support the accelerating adoption of leading Cloud solutions led us to DayNine,” said Pamlico Partner Scott Stevens. “We are extremely impressed by the caliber of DayNine’s leadership, the deep domain expertise and breadth of services offered by its consultants, the company’s remarkable record of customer satisfaction, and its strong position in the attractive Workday ecosystem.”
Pamlico Capital invests from $25 million to $100 million in companies with total enterprise values of between $50 million and $250 million. Sectors of interest include business and technology services, communications, and healthcare. Pamlico Capital was founded in 1988 and is based in Charlotte, NC (www.pamlicocapital.com).
“We chose to partner with Pamlico because of their successful track record with business and technology services investments, as well as their interest and expertise in Cloud solutions,” said Tim Ramos, co-founder and CEO of DayNine. “Since our 2009 founding, DayNine has been growing at an 86% compounded annual growth rate. Pamlico’s investment provides DayNine strong financial and advisory resources with which to build upon our significant presence in the Workday ecosystem. Their investment will enable us to boost an already robust global growth rate.”
DayNine was advised by Clearsight Advisors, an investment banking firm based in McLean, VA (www.clearsightadvisors.com).
2014 PEPD • Private Equity’s Leading News Magazine • 7-22-14