Global payroll solution developer Immedis collects $50m in a strategic investment, which puts its valuation at $575m.
Lead Edge Capital, a growth-stage investment firm, led the round. The company’s existing investor Scottish Equity Partners also joined the round.
Immedis has earmarked the capital to open an office on the US west coast and in Singapore to support its growth in the US and APAC regions.
The FinTech processes payroll in more than 150 countries, offering a unified view of global payroll operations, real-time data analytics and advanced reporting.
Over the past year, the FinTech has increased its bookings by 100% year over year.
Immedis CEO Ruairi Kelleher said, “We are proud to be working with Lead Edge Capital, a highly regarded growth equity fund that we have had the pleasure of getting to know well in advance of this transaction. This is an incredibly exciting time for Immedis, our customers, our partners and our employees.”
The deal also sees Lead Edge Capital partner Brian Neider join the company’s board of directors.
Immedis previously bagged €25m in a funding round from Scottish Equity Partners last year.
Last month, fellow international payroll platform Remote closed a $35m funding round. The company offers a HR platform that supports international payroll, benefits, taxes, visa and immigration services, global contractor management and online payments.
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