Terry Clune's Immedis has signed a new $50m investment deal with New York- based growth-stage investment fund Lead Edge Capital.
The investment values the Kilkenny-based global payroll technology firm at $575m (€500m), triple what it was worth just 18 months ago.
Immedis has grown rapidly, capturing an increasing share of the overall global payroll market, adding clients such as Uber, ServiceNow and Nutanix. The new investment will support growth, including the opening of West Coast and Singapore offices to service increased demand from US and Asia-Pacific clients.
Immedis, founded by Clune as part of his Taxback Group, remains part of Clune Technology Group.
"What we do very simply is help large companies solve their global payroll problems, using a technology we've built here in Ireland," Clune told the Sunday Independent, adding that the Immedis team had been "exceptional".
"Many of the largest companies in the world are using our solution. This investment allows us to take what we have built so far and really scale it into a major multinational organisation. And the investment is a very significant milestone from a valuation perspective," said Clune.
Immedis CEO Ruairi Kelleher said "the technology we've developed is really new, really game changing. It gives companies the ability to consolidate global payroll for the first time at enterprise level".
Kelleher said that Immedis had continued to evolve its business and had become the leader in global payroll platform technology focused on the enterprise market.
"The success we've had in winning big customers like McAfee, Adobe and Uber over the last 18 to 24 months has continued at pace. And so we've seen huge demand in the investment market, which has allowed us to raise further capital to continue that journey to become the most dominant player in this market," he said.
New York-based Lead Edge has raised over $3bn of capital since 2009 and is active across software, internet and technology-enabled service in- vestments globally, investing previously in Spotify, Uber, Alibaba, Asana and Toast.
Brian Neider, partner at Lead Edge Capital, said that Immedis was "redefining how organisations are managing global payroll through service and technology".
"What Immedis has achieved to date is truly exceptional. Trusted by many of the world's fastest-growing companies, we are very excited to help fast-track the Immedis success story," he said.