Frontier Capital Completes Sale of Celergo to ADP
15 Agosto 2018 - 7:00AM
Business Wire
Frontier Capital ("Frontier") is pleased to announce the sale of
Frontier portfolio company, Celergo LLC (“Celergo”), a leading
provider of global payroll management services, to ADP® (NASDAQ:
ADP).
Frontier, based in Charlotte, NC, is a leading middle-market
growth equity firm focused exclusively on software and tech-enabled
business services companies.
Founded in 2003, Celergo offers multi-country payroll in 150
countries and combines a proprietary cloud-based technology
platform with a local provider network to enable timely, accurate,
and compliant payroll. With comprehensive solutions and an
attractive financial profile, Celergo has steadily grown its client
base, geographic coverage, and partner network.
“Frontier has been a great partner for us through years of
strong growth,” Celergo CEO Tim Callahan said. “The foundation of
trust and collaboration that we built with the team at Frontier
paved the way for this great strategic sale to ADP.”
The multi-country payroll outsourcing market is over $3 billion
today and is growing rapidly as companies seek greater visibility
of their increasingly global workforce while working to efficiently
manage the compliance elements of multi-country payroll.
“It’s amazing to think back 15 years to the founding of Celergo
and realize that this is the culmination of our vision of building
a global leader in multi-country payroll,” said Michele Honomichl,
Founder, Executive Chairman & Chief Strategy Officer. “The
trusting relationship we built with our partners at Frontier and
the support they offered – both financially and strategically –
were key to Celergo becoming an industry pacesetter. Frontier
understands the value of transparency, and their culture of
teamwork inspires dedication. ”
“At all levels of the organization, Celergo worked as a team
with determination and hard work to build a company we are all
proud of – a leader among global payroll solutions platforms,” said
Richard Maclean, Co-founder and Managing Partner at Frontier. “Tim,
Michele, and their team have been a pleasure to work with and we
believe the Celergo platform will be a huge asset for ADP going
forward.”
Baird acted as exclusive financial advisor to Frontier in
connection with the transaction.
About Celergo
Celergo provides the leading fully-managed international payroll
solution, offering technology-powered, service-backed capabilities
that meet the needs of companies in 150+ countries. As a pioneer in
payroll outsourcing, Celergo has managed some of the most
complicated payrolls and built an unparalleled set of competencies
and expertise, along with cloud-based software that integrates with
all major HR systems. Celergo helps clients find efficiencies,
improve accuracy, reduce costs, and minimize risk. Celergo’s
experienced, multilingual staff covers all time zones and regions,
delivering the highest quality service from four operations centers
in Chicago, Bogota, Budapest, and Singapore. Celergo has met or
exceeded large financial institutions data security requirements –
the most stringent in the world – and complies with OFAC, FCPA,
BCP, all data privacy, and SSAE16 policies and practices.
www.celergo.com
About Frontier Capital
Frontier Capital is a Charlotte-based growth equity firm focused
exclusively on software and technology-enabled business services
companies. Founded in 1999, Frontier partners with management teams
that can benefit from capital to accelerate growth, fund
acquisitions, or generate shareholder liquidity. The firm makes
minority and majority equity investments in high-growth companies
and is currently investing from its $700 million Fund V. For more
information, please visit www.frontiercapital.com.
Additional Resources:
Blog Post:
https://frontiercapital.com/blog/frontier-capital-completes-sale-of-celergo-to-adp
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180815005093/en/
MiddleM Creative, on behalf of Frontier CapitalKristin Steele,
704-879-1754kristin@middlemcreative.comorADPMichael Schneider,
973-974-5678michael.schneider@adp.com
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