Pictured: Terry Clune, Group CEO of CluneTech
Irish entrepreneur and Group CEO of CluneTech, Terry Clune, is our Business Person of the Month May 2023, in association with KPMG. Clune has sold global payroll provider business Immedis for upwards of €575m, a lucrative deal that ranks among the largest in Irish fintech.
Terry Clune, Group CEO of CluneTech, has sold global payroll provider Immedis to US multinational UKG, in a deal said to be worth upwards of €575 million.
Immedis
Immedis is a subsidiary brand of the CluneTech group, which is based in Kilkenny. It sells software designed to help companies manage their payrolls with efficiency across borders and time zones. Clune spotted the potential for intervention when some multinational companies struggled balancing payroll across different countries
It counts Uber, McAfee, Twilio, ServiceNow and Nutanix among its client base, and is established in more than 150 countries and across 120 currencies. Immedis employs 374 people worldwide.
CluneTech confirmed on Tuesday, 6th June, that it is to sell the brand to UKG in a deal that is expected to close in two months.
UKG
UKG is a US-based multinational that develops software for HR management. It employs up to 15,000 people worldwide, who serve approximately 75,000 internationally.
The company was already an Immedis customer prior to the sale, and had partnered with the company many times over the years.
Joining UKG expands the reach and impact of our ground-breaking technology.
Chris Todd, Chief Executive Officer at UKG, stated: “Having worked closely with Immedis for several years, utilising their technology to help support our customers through a strategic partnership, we are delighted to welcome the team to UKG
“The combination of UKG and Immedis will create the HCM industry’s most flexible and intelligent multi-country payroll experience for multinational businesses.”
Terry Clune
Staff at Clune’s Immedis will benefit from the deal with significant bonuses. Managers will gain from shared ownership.
In a statement, Clune said that the deal with UKG represents ‘new opportunities’ for employees of Immedis: “Joining UKG expands the reach and impact of our ground-breaking technology.
“It also presents tremendous new opportunities for the exceptional people who make Immedis special. I really appreciate the hard work of our incredible team, and I’m delighted that each of our Immedis staff will gain from this acquisition.”
Clune established CluneTech in 1996. It is a “suite of companies” providing solutions to simplify processes and make businesses more efficient. He owns 60 per cent of Immedis through CluneTech, alongside shares he holds in the business.
Business Person of the Month
The Business Person of the Month Award, in association with KPMG, recognises outstanding leaders in Irish business. It especially acknowledges those who have made significant contributions to the business community of Ireland.
Recipients of the award are automatically put forward as candidates for the prestigious Business Person of the Year Award at the annual Business & Finance Awards.
See here for more information on the 2023 Business & Finance Awards. To get involved, please contact Brian.Kearns@businessandfinance.com.
Business & Finance, Business Person of the Month
