HMT LLP advised LDC backed HR software solutions provider CIPHR Ltd on their acquisition of payroll software & service provider Payroll Business Solutions (“PBS”).
Established in 1992 and based in Marlow, CIPHR is one of the UK’s most trusted HR systems providers and supplies UK small and medium sized businesses with HR Software as a Service (Saas), payroll software and eRecruitment solutions to enable their customers to manage their workforce more effectively.
PBS provides end to end payroll software and solutions, offering both hosted and on-premise payroll software along with managed payroll services.
The acquisition is a natural fit, as CIPHR and PBS have worked closely for many years and already have more than 50 joint customers that benefit from integrated HR and payroll software, including household names such as Dreams, CitySprint and Zoopla.
As a result of the acquisition, CIPHR is a launching two new solutions: CIPHR Payroll and CIPHR Outsourced Payroll.
HMT led by Paul Read and Corin Briault-Hutter undertook financial due diligence for CIPHR on this transaction.
Graeme Scott, Chief Financial Officer at CIPHR commented:
“Paul and Corin from HMT did a great job for us. As always, they were very professional throughout and produced a clear and comprehensive financial due diligence report. We look forward to working with HMT again on future acquisitions.”
Paul Read commented:
“After working with LDC and CIPHR on the MBO in 2016, we are delighted to have assisted on this bolt-on acquisition. CIPHR has observed a strong period of growth in recent years and joining forces with PBS will enable them to develop new HR software solutions. We are looking forward to working with them again in the future.”