Payworks announces strategic investment from Hg
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Winnipeg, MB – September 8th – Payworks, a Canadian leader in total workforce management, has entered a strategic partnership with Hg, a leading software and services investor with deep expertise in human capital management (HCM).
The partnership marks a defining milestone in Payworks’ 25-year trajectory, fast-tracking the company’s growth, diversification and leadership strategy across the sector. By combining Payworks’ local expertise with Hg’s specialization in scaling software businesses, the investment will help to drive enhanced product development, expansion across the Canadian HCM landscape and an elevated client experience.
“For 25 years, Payworks has been building proprietary workforce management solutions tailored to Canadian employers,” said Barbara Gamey, Co-founder of Payworks. “The Payworks ownership group is excited to welcome Hg to our partnership. Their investment enables us to accelerate our innovation and value creation agenda, positioning Payworks for sustained leadership and diversification in the Canadian market.”
Payworks’ operations in Canada remain unchanged. Its team of more than 600 employees and network of offices across the country continue to support the company’s strategy, anchoring growth in service to Canadian businesses and their employees.
"We’re thrilled to partner with Payworks. In our research we surveyed more than six hundred payroll and HR customers in Canada and found that Payworks has a best-in-class product with the highest customer satisfaction. We look forward to supporting the business in its next era of growth” said Alexander Johnson, Director, and Hector Guinness, Partner, at Hg.
"Payworks’ track record of serving Canadian businesses, combined with our global HCM and software expertise, creates an exciting opportunity to accelerate innovation and reach more Canadians” added Robert Citrino, Principal at Hg.
Terms of the transaction were not disclosed.
For further information, please contact:
Payworks
Jaclyn Christie, Vice President, Marketing, Jaclyn.christie@payworks.ca
Hg
Tom Eckersley, tom.eckersley@hgcapital.com
Sam Ferris, sam.ferris@hgcapital.com
About Payworks
Payworks, headquartered in Winnipeg, Manitoba, is a Canadian leader in total workforce management. We provide payroll, HR, time and attendance, and workforce analytics solutions to over 40,000 businesses nationwide, all backed by expert, dedicated support. Recognized as one of Canada’s Best Managed Companies every year since 2012 and a three-time recipient of Canada’s Top Small & Medium Employers designation, Payworks is proud to combine innovation with a strong commitment to clients, employees, and communities across the country.
About Hg
Hg is a leading investor in transatlantic software and services businesses. We help to build sector-leading enterprises that supply critical software applications or workflow services to deliver intelligent automation for their customers.
We take an active approach to value creation, combining deep end-market knowledge with world class operational resources to provide compelling support to entrepreneurial leaders looking to scale enduring businesses.
With a vast European network and strong presence across North America, Hg has more than $100 billion in assets under management and more than 400 employees. Our portfolio spans more than 50 companies worth over $180 billion in aggregate enterprise value, employing more than 125,000 people and consistently growing revenues at more than 20% annually.