Background to the business
FMP Global, founded in 2006, is a leading provider of international and domestic payroll management supported by a proprietary software offering. The international payroll division manages the international payrolls of US and UK headquartered SMEs utilising an extensive network throughout 135 countries. FMP Global also provides domestic payroll management services to small and medium sized UK businesses, handling in excess of £1.8 bn in payments each year on behalf of their clients.
The business provides a fully managed customer-focused solution that also includes foreign exchange payments to employees across the globe. Tenzing has backed the senior management, headed by CEO Justin Cottrell, who will receive additional support from Sean Williams (Chairman) and Glenn Elliott (special advisor to the board). Christian Hamilton and Milan Kellner serve as Directors on the FMP board.
Investment highlights
Backing the industry leading provider of international and domestic payroll management and benefiting from organic growth driven by the underlying market dynamics. Tenzing will support management to further accelerate momentum by investing in scaling successful sales channels and developing new routes to market.
In September 2017 Tenzing supported FMP Global’s acquisition of MCN Associates, a leading international HR consultancy for start-ups and SMEs, enabling FMP to offer all inclusive international HR services for a single monthly fee to an enlarged customer base.