In August 2016, Tenzing backed Justin Cotterell, Founder & CEO, and the management team of FMP Global, a global provider of payroll & HR services. During our partnership the business grew profits on average 28% every year, while scaling significantly, with its employee base growing 50%. We agreed to sell our investment in August 2019, to IRIS Software Group, backed by Hg, generating a 5.4x return and 72% IRR. As part of this transaction Tenzing will retain a minority interest in FMP.
Background to the business
FMP Global, founded in 2006, is a leading provider of global payroll services and software. With operations spanning 135 countries, a treasury solution and proprietary software for employers and employees, FMP Global is a one-stop partner for businesses expanding overseas or growing domestically.
Tenzing’s partnership highlights
Tenzing’s value creation strategy emphasised supporting management in re-engineering FMP Global’s marketing strategy to fuel growth, with a specific focus on lead generation from Tenzing’s Entrepreneurs Panel. Tenzing also helped build FMP Global’s M&A capability, evidenced by the three acquisitions it made. These include the customer contract book of PKF Cooper Parry, a domestic payroll bureau, MCN Associates, serving US businesses, and a North American payroll bureau, broadening FMP Global’s international reach.