Immedis Acquisition, Valuation, Funding & Investors

Immedis was acquired by UKG for $588M in June 2023.

Immedis acquisition price

$588M

Acquired by UKG · Jun 2023

Immedis revenue

$4M

Undisclosed stage · Jun 2019

Cumulative funding Immedis raised

$78M

across 2 funding rounds

Key investors in Immedis

  • Lead Edge Capital
  • Scottish Equity Partners

Immedis Overview

About Immedis

Immedis is a Dublin-headquartered provider of global payroll and tax compliance software within The Taxback Group, managing multi-country payroll for 130 nations with 170 specialists. Its iConnect platform consolidates data for expatriate and local staff, automating calculations and filings for clients like Uber and Pfizer. Established in 2014, it processes payroll for over 200 enterprises across Europe, Americas, and Asia.


Founded

2016

HQ

IrelandDublin

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$4M (Jun 2019)

Valuation

$575M (Dec 2020)

Immedis Acquisition

Immedis was acquired by UKG for $588M on 6 June 2023.

Before the acquisition Immedis had raised $78M across 2 funding rounds.

Immedis, founded in 2016 as a subsidiary of CluneTech, provides a cloud-based payroll platform delivering multi-country payroll solutions across more than 150 countries and 120 currencies to multinational customers in various industries. UKG, a US-based provider of HR, payroll, and workforce management solutions formed by the 2020 merger of Ultimate Software and Kronos, agreed to acquire Immedis from CluneTech on June 6, 2023, with the deal closing around July 1, 2023. The acquisition reflects strong demand growth for Immedis' platform and values it above its last investment round, where it raised €25m from Scottish Equity Partners in 2019 and $50m from Lead Edge Capital in 2020 at over €500m valuation; industry sources indicated a premium of more than 10% to that prior valuation, though exact terms were not disclosed. The deal integrates Immedis' 370-400 employees into UKG's 15,000-strong workforce, enabling the launch of UKG One View, a multi-country payroll solution modernizing fragmented global payroll processes with real-time visibility. Strategic advisors included Qatalyst Partners (financial), A&L Goodbody LLP (legal), and PwC (tax) for Immedis, with all staff and investors like the Irish Strategic Investment Fund via SEP benefiting. UKG aims to strengthen its HCM leadership for multinational businesses facing compliance challenges.

Immedis acquisition details
AcquirerDateTypePrice
  • UKG
6 Jun 2023Strategic M&A$588M

Immedis Valuation

Immedis is currently valued at $575M, based on its undisclosed-stage round in December 2020.

The $50M round was led by Lead Edge Capital.

Immedis' valuation has grown 3.0x from $193M at its undisclosed-stage round in June 2019 to $575M in December 2020, across 2 priced rounds.

Immedis valuation by funding round

Revenue multiple
Immedis valuation by funding round
DateStageValuationRevenue Multiple
Dec 2020Undisclosed stage$575M-
Jun 2019Undisclosed stage$193M48.3x

Immedis Revenue

Immedis' latest recorded revenue is $4M, as of its undisclosed-stage round in June 2019. At a $193M valuation, that implies a 48.3x revenue multiple.

Immedis revenue by funding round

Immedis revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jun 2019$4M$193M48.3xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Immedis Funding History

Immedis has raised a total of $78M across 2 funding rounds.

Immedis' first fundraising round was a $28M undisclosed-stage round in June 2019. The most recent completed round was a $50M undisclosed-stage round in December 2020.

Immedis funding rounds

Immedis funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2020Undisclosed stageLead Edge Capital (lead)$50M$575MImmedis is a leading provider of consolidated global payroll solutions, offering a cloud-based platform that helps multinational organizations manage payroll, consolidate information, and navigate tax regulations. The company serves high-growth enterprises such as ServiceNow, Uber, and Nutanix, with offices in Dublin, London, New Jersey, Sydney, and Varna, Bulgaria. Founded and majority-owned by Terry Clune of the Clune Technology Group, Immedis is led by CEO Ruairi Kelleher. On December 7-8, 2020, Immedis secured a $50 million strategic growth equity investment led by Lead Edge Capital, a New York and California-based fund. This round valued the Irish technology company at $575 million, up from €170 million in its prior June 2019 funding round led by Scottish Equity Partners, who retained their investment. Brian Neider from Lead Edge Capital joined the board. The funding aims to accelerate global expansion, including new offices on the US West Coast and in Singapore to meet demand from US and APAC clients. Immedis was later acquired by UKG on June 6, 2023.
Jun 2019Undisclosed stageScottish Equity Partners (lead)$28M$193MImmedis is an Irish payroll management platform providing enterprise technology solutions for global payroll and mobility tax services, processing payroll in over 150 countries and 120 currencies, with offices in Dublin, London, New Jersey, Sydney, and Bulgaria. Founded by Terry Clune as part of CluneTech (formerly Taxback Group) and launched independently in 2016, it serves major clients like ServiceNow, Uber, and Nutanix, offering real-time data analytics, advanced reporting, compliance, and data security. The company raised €25 million (approximately $28.4 million) in an unattributed VC round on June 10, 2019, from Scottish Equity Partners, enabling business expansion. The 2019 funding supported Immedis's global growth strategy, following its establishment to address multinational payroll challenges across territories, timezones, and currencies. Subsequent developments included exceptional 2020 growth with over 100% year-on-year bookings increase amid remote work trends, leading to the 2020 round and eventual acquisition by UKG in June 2023. The Irish Strategic Investment Fund held indirect exposure via SEP.

Who has invested in Immedis?

2 investors have backed Immedis across its funding rounds, including Lead Edge Capital and Scottish Equity Partners.

Lead investors include Lead Edge Capital and Scottish Equity Partners.


Immedis Investors

Investors in Immedis by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Immedis

Immedis has acquired 1 company to date.

Last acquisition by Immedis was on May 3rd 2017. Immedis acquired Expaticore Services for $10M.


Latest Acquisitions by Immedis

Expaticore Services
Description
Expaticore Services is a provider of compliance and control solutions for global businesses. The firm strengthens client operations through customized strategies that enhance regulatory adherence, customer experience, and cost management aligned with international business frameworks.
HQ CountryUnited States
HQ City
Iselin, NJ
Deal Date3 May 2017
Valuation$10M
EV/Revenue
EV/EBITDA

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Immedis Competitors

Immedis competitors include listed companies like Teamshares, Freee, TOTVS and PaySauce, and private ones like Deskera and Wrapbook.

Public and private companies comparable to Immedis
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TeamsharesUnited StatesUnited StatesPublicly listed$472M($23M)$545M1.4x
DeskeraUnited StatesMinneapolis, MNPrivate--$495M-
WrapbookUnited StatesNew York City, NYPrivate--$750M-
FreeeJapanJapanPublicly listed$214M$6M$1.5B4.8x
TOTVSBrazilBrazilPublicly listed$1.1B$318M$3.8B3.2x
PaySauceNew ZealandNew ZealandPublicly listed$4M($582K)$20M1.3x

Immedis Public Comps

Immedis is no longer listed, but its public comps include Teamshares, Miroku Jyoho Service, Nordtech Group, Baiwang Cloud, Fujian Boss Software, AdvancedAdvT, Beisen Holding, Avant Group, Zaggle Prepaid Ocean and 74Software.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Teamshares$472M($23M)1.7x1.4x(35.0x)33.2x
Miroku Jyoho Service$315M$58M1.1x1.1x6.0x-
Nordtech Group$72M$15M5.1x-25.2x-
Baiwang Cloud$109M$433K2.6x2.7x648.3x-
Fujian Boss Software$299M$40M2.8x2.9x21.1x21.0x
AdvancedAdvT$72M$13M2.5x2.4x14.1x8.9x
Beisen Holding$165M$2M0.3x0.3x22.3x5.2x
Avant Group$181M$35M1.0x0.9x5.3x5.7x

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Common questions about Immedis

When was Immedis founded?Immedis was founded in 2016.
Where is Immedis headquartered?Immedis is headquartered in Dublin, Ireland.
Is Immedis publicly listed?No, Immedis was acquired by UKG in June 2023.
Who acquired Immedis?Immedis was acquired by UKG in June 2023.
How much was Immedis acquired for?Immedis was acquired for $588M in June 2023.
What is Immedis' valuation?Immedis was last valued at $575M in its undisclosed-stage round in December 2020.
How much funding has Immedis raised?Immedis has raised $78M across 2 funding rounds.
What was Immedis' last funding round?Immedis' last funding round was a $50M undisclosed-stage round in December 2020, led by Lead Edge Capital.
Who are Immedis' investors?Immedis' investors include Lead Edge Capital and Scottish Equity Partners.
What is Immedis' revenue?Immedis' latest recorded revenue is $4M (June 2019).
What is Immedis' revenue multiple?Immedis' latest valuation implies a 48.3x revenue multiple ($193M valuation on $4M of revenue).
Which companies are comparable to Immedis?Companies comparable to Immedis include Teamshares, Deskera, Wrapbook, Freee, TOTVS and PaySauce.
How many companies has Immedis acquired?Immedis has acquired 1 company, including Expaticore Services.
What was the largest acquisition by Immedis?The $10M acquisition of Expaticore Services in May 2017 is the largest acquisition Immedis has made to date.

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