We are very excited to announce that Thesaurus Software has secured investment from Hg, a specialist technology investor.
Hg’s structured minority investment strategy, Transition Capital, will fund the investment.
Transition Capital offers privately-owned businesses an attractive alternative to a minority equity sale.
This partnership benefits Thesaurus Software as we can access the experience and support of Hg and its network, whilst retaining voting control of the business.
The Irish market continues to represent our core customer base where we expect to see further growth with the introduction of the PAYE modernisation legislation coming in January, 2019. We also launched into the UK market, just six years ago, where we’ve seen our UK customer base grow to an impressive 25,000 customers.
Our payroll software products; Thesaurus Payroll Manager and BrightPay Payroll will automate the tasks involved in the upcoming PAYE modernisation legislation. We have developed user friendly automation features to receive and send the required PAYE information to and from Revenue. Our aim is to target the many employers who are still processing their payroll on manual systems or spreadsheets. At Thesaurus Software, we believe our products offer key automation functionality that can save our customers time and money.
Paul Byrne, Managing Director said:
“Our aim is to establish ourselves as the leading provider of payroll and HR software systems in the UK and Ireland. The combination of Hg’s understanding of the market and our innovative products will help us achieve these goals.”
Hg has many years experience operating in the payroll and HR space. The investment and partnership will allow Thesaurus Software to leverage that expertise to continue to grow our market share in Ireland and the UK. It is fantastic to have a partner that shares our vision for the future and recognises the potential our products have. We’re excited for the future!!
Peter Miholich, Director, Hg, said:
“We have been really impressed by the dedication of the Thesaurus team to delivering great software and outstanding service to their customers. We look forward to partnering with Paul, Ross and the team to take Thesaurus Software to the next stage of its development, adding our experience and strong track-record of working with successful businesses in Accounting and Payroll software.”
About Thesaurus Software
Established in 1991, Thesaurus Software offers payroll, HR and accounting software products to Irish and UK businesses and accountants. We provide powerful software that is both cost effective and easy to use. Our suite of payroll and HR products save businesses a considerable amount of time by utilising automation and innovative technology. Currently, our products are used by over 120,000 (and counting) businesses across the UK and Ireland. We are a passionate team who strive on the excitement and challenge of continuous growth, improvement and development. Our plans for the future are big!
Hg is a sector expert investor, committed to helping build ambitious businesses across the technology, services and industrial technology space, primarily in Europe. Deeply resourced sector teams focus on specific sub-sectors and investment themes to identify companies occupying an established position within a niche, and which have the potential to grow faster than their market, create employment and become the leader in their industry. Hg’s dedicated operations innovation team provides practical support to management teams to help them realise their growth ambitions. Based in London and Munich, Hg has funds under management of over £10 billion serving some of the world’s leading institutional and private investors. For further details, please see www.hgcapital.com