Human capital management and payroll software firm Paycor has landed $270 million in new investment dollars.
The Qatar Investment Authority and Neuberger Berman, on behalf of investment funds it works with, are co-leading the big infusion of investment dollars into the Cincinnati and New York-based SaaS firm.
New investors include ClearBridge Investments, Franklin Templeton, Leumi Partners and Teca Partners, the company said in a Monday (Jan. 4) press release.
Paycor currently works with more than 40,000 small and mid-sized businesses, offering a range of recruiting, payroll and HR solutions.
“The partnership of these new investors with Paycor speaks to the momentum we have achieved as a leader in HCM and the opportunities we see ahead,” Paycor CEO Raul Villar, Jr. said in the press release. “This allows Paycor to accelerate our strategy of serving our customers with industry-leading technology and expertise.”
“Cloud HCM / Payroll is a large, growing market with evolving customer needs,” said Jason Wright, partner at Apax Partners, in the same press release. “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.”
The investment deal comes amid a significant growth spurt at Paycor over the past few years, with the firm pulling down more than $300 million in revenue in its fiscal 2019, according to the Cincinnati Business Courier.
In February, Paycor hired its first chief revenue officer, Chuck Mueller, a veteran executive with nearly 30 years of experience in sales and client relations.
Mueller previously was executive vice president at Atlanta-based Fleetcor, a provider of commercial payment solutions. Before that, Mueller work for ADP for 26 years, rising to become manager of the Northeast region for the human resources and payroll giant, according to reports.
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