London 23rd September 2020 – UK lower mid-market investor, Tenzing, today announces its growth investment in Cintra, Trace Payroll Services and UnaTerra, together the Payroll Software & Services Group (PSSG).
With almost 80 years’ experience in the space, the Group provides software and outsourcing solutions for HR and Payroll in the UK and international markets.
PSSG’s mission-critical services allow businesses to get the best from their people. Over 1,000 global clients rely on PSSG’s solutions to make sure their employees get paid on time. Its technology powers over £2.5 billion salary payments a year and clients include global brands, Hiscox, Gant and HermanMiller.
The UK and international payroll markets are growing at respective rates of c.4% and c.15% annually. Tenzing and its Entrepreneurs Panel will support PSSG in maximising its growth potential through product development, internationalisation, continued investment in sales and developing an acquisitions strategy.
As part of the consolidation of the three businesses, Eric Dunmore has been appointed as Executive Chairperson at Group-level. Eric is an experienced PE-backed CEO who has 15 years of exposure to the payroll sector and 17 years’ experience in professional services. The incumbent management teams will continue to run the divisional businesses day-to-day.
Guy Gillon, Founder and Co-Managing Partner of Tenzing, said: “We’re delighted to have backed Eric Dunmore and the market-leading HR & Payroll offering within the PSSG. As more and more businesses move to the cloud and invest in their human capital, PSSG is well placed to equip them with its one-stop-shop solutions. We’re excited to support the team’s ambition to grow the business in the UK and internationally.”
Eric Dunmore, Executive Chairperson of PSSG, said: “There is a huge amount of opportunity for PSSG in the HR and payroll market, so it is key that we have an investment partner who is aligned with our vision. The team and I are so pleased that we’ll be able to draw on Tenzing’s expertise as we grow the Group. We look forward to working together to exceed the expectations of our clients and our industry.”
Tenzing was advised on the investment by Clearwater International, Wilson Partners, CIL, Intuitus, Osborne Clarke and Continuum.
This is Tenzing’s eighth investment from its maiden £200m fund and follows the 5.4x return on its investment in FMP Global, realised last year. This investment underlines the firm’s commitment to the HCM space and to backing high growth, independent market leaders and high energy, driven management teams in the UK lower mid-market.