HR outsourcing company Ceridian reeled in $150m from its shareholders Thomas H. Lee Partners and Fidelity National Financial Ventures (FNFV) Group.
The private equity and venture capital investors provided the new financing alongside Ceridian’s management.
The company will use the funding to support its cloud-based human capital management (HCM) platform, Dayforce.
The platform increased its revenue by an annual 59% on a constant currency basis in 2015 and the number of its customers has reached more than 2,500 to date.
David Ossip, Chairman and CEO of Ceridian, said, “Our new business wins were up again year-over-year in 2015 and continued to outpace our expectations.”
Thomas Hagerty, managing director at TH Lee, commented, “The growth and success of Ceridian’s Dayforce product has far exceeded our expectations. We are proud to accelerate the growth of Ceridian’s cloud business with this investment.”
William P. Foley, II, Chairman of FNFV Group, added, “Ceridian’s Dayforce product is clearly winning in the marketplace. This capital will allow the company to make the investments required to significantly increase the growth of cloud-based revenue at Ceridian and further enhance the reported financial results of the company.”
TH Lee and FNFV Group acquired Ceridian at a valuation of $5.3bn back in 2007.
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