CluneTech’s Immedis acquired by US multinational UKG

Irish payroll management platform Immedis has been bought by the US human resources, payroll and workforce solutions business, UKG.

Immedis is a subsidiary of the Kilkenny-based CluneTech group. Immedis sells software that aids companies in managing their payrolls efficiently across different countries and currencies. CluneTech confirmed on Tuesday that it was selling the business to UKG in a deal set to close within two months.

Immedis’ technology is in use in over 150 countries and operates through 120 different currencies. The business currently employs 374 people including 100 in Kilkenny where CluneTech is based, as well as in Bulgaria and New Jersey.

Mr Clune said,

Today is a milestone day for Immedis. I am so proud to announce that Immedis has been acquired by UKG. It’s been a fantastic journey, working with brilliant people to build the world’s best global payroll technology from Kilkenny, Varna & New Jersey.

While Mr Clune is the majority owner of Immedis, it is understood that all staff in the company will benefit from the sale.

The Irish Strategic Investment Fund is also an indirect investor through its backing of the Scottish Equity Partners (SEP) venture capital and growth equity fund.

CluneTech was founded in 1996 by Terry Clune and as well as Immedis it now includes TransferMate, Taxback International, Taxback.com, Sprintax, Visa First and Benamic.

The businesses combined currently employ 1,600 people in offices in 21 countries around the world.

Mr Clune said he now intends to continue building out the other companies in the group, as well as to look at new opportunities in both fintech and artificial intelligence.

CluneTech is also currently developing an incubator space at its Kilkenny offices, which will become a fintech centre of excellence for the South East.