Payroll software company Paycor bags $270m in funding

SaaS payroll and human capital management software developer Paycor has collected $270m in a new round to seek new opportunities.

The round was co-led by Qatar Investment Authority and Neuberger Berman on behalf of certain funds for which it serves as investment adviser. Other backers include ClearBridge Investments, Franklin Templeton, Leumi Partners and Teca Partners.

Paycor offers a human capital management platform that claims to modernise every aspect of people management. Its tools include recruiting and applicant tracking, onboarding, HR, benefits, learning management, scheduling, time and attendance, payroll, tax, reporting and analytics, and more.

Its services are used by over 40,000 medium and small-sized businesses.

Apax partner Jason Wright said, “Cloud HCM / Payroll is a large, growing market with evolving customer needs. Paycor’s next-generation, integrated suite of solutions is at the forefront of this evolution.

“In the last three years, Paycor has undergone a substantial transformation, investing in its product, go-to-market strategy, and management team, while continuing to scale the business. We welcome Neuberger Berman, QIA, ClearBridge Investments, Franklin Templeton, Leumi Partners and Teca Partners as additional investors to support the company’s growth strategy.”

J.P. Morgan Securities acted as the sole placement agent on the financing, while Kirkland & Ellis acted as legal advisor to Paycor.

The FinTech previously secured an investment from Apax Partners back in 2018.

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