Paycor nabs funding from Apax Partners

Paycor, a HR and payroll platform, has secured an undisclosed investment from global private equity firm Apax Partners.  

US-based Paycor offers HR, payroll, timekeeping, onboarding, recruiting, benefit administration and related services to more than 38,000 small and medium sized businesses. Its payroll technology offers businesses tools to pay employees with direct debits, integrate with existing accounting systems, and reporting services.

The company also offers additional payment options: Paycor official checks and Paycards. Paycor checks are printed with Paycor’s bank routing and account numbers, helping to boost the security of payroll.

Paycards are similar to bank account compiled in a card. Employees can receive their pay directly to the card which is FDIC-insured and can be used at ATMs or POS terminals.

Jason Wright partner at Apax said, “We have been tracking the payroll and HCM software market for some time due to its size and healthy growth rate. Paycor stood out for the breadth of its product offering, track record of organic growth, and customer-centric approach.”

Last week, Apax Partners exited its stake in digital services developer Consort NT which was acquired by the company’s management team and president Jason Guez.

Fellow HR and payroll company Flare recently raised $21m in a round of funding led by Point72 Ventures. The Australian company raised the capital to help onboard additional clients, and expand its financial wellness and benefits platform.

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