Patersons HR and Payroll Solutions Secures $30 Million in Series A Funding
Leader in Global HR and Payroll Solutions Sets Sights on Further Expansion
| Source: Patersons HR and Payroll
RALEIGH, NC and SALISBURY, UK--(Marketwire - December 17, 2008) - Patersons HR and Payroll Solutions, a
leading global HR and payroll software and services business delivering
expert solutions to clients in more than 160 countries, today announced
details of its Series A financing. The round of $30 million was led by Rho
Ventures and partner, Paul Bartlett, has joined Patersons' board of
directors. Investment banking firm, Montgomery & Co., advised and managed the
placement.
Previously financed by a group of private investors, Patersons HR and
Payroll Solutions was founded in 1996 by Chief Executive Karen Paterson. Paterson identified the crucial
role that the Internet was going to play in global HR and payroll business
processes and developed the company's native Web-based offering, Logon2.
Logon2 fully leverages the Software-as-a-Service platform and features
robust functionality, including employee and manager self service; a global
multi-lingual, multi-currency HR suite; online global payroll processing;
expatriate management; performance management; flexible benefits and
benefits administration; and a full business intelligence and reporting
suite. In 2007, the company had grown 395% over the previous year and
Patersons has rapidly earned recognition as a forerunner of the
next-generation of payroll and HR management solutions.
Karen Paterson commented, "The confidence that our investors have placed in
us is second only to that of our growing customer base. These funds will be
used to support our continued global growth, as well as expand operations
and customer support, as well as to increase our sales presence."
Paul Bartlett, partner at Rho Ventures, said, "Patersons HR and Payroll
Solutions has tackled a long-standing problem that traditional ERP vendors
and legacy payroll outsourcing providers have been unable to resolve.
Using the Software-as-a-Service (SaaS) delivery model, Patersons has
developed the world's first single platform, single contract approach to
global payroll processing, thus addressing a market opportunity created by
the inefficiencies of existing solutions."
Global payroll management for multi-national organizations is particularly
challenging, as each country -- and oftentimes region, state and local
municipalities -- have specific regulations guiding payroll taxes. Given
these complexities, in addition to the support inherent in its offering,
Patersons has also developed an online community for its global customers
that can be accessed at www.patersons.net. This community provides
additional educational materials, as well as a schedule of Patersons'
partner and customer webinars.
Patersons' global headquarters is located near Stonehenge in Salisbury,
U.K. The company's U.S. headquarters is located in Raleigh, N.C. Regional
offices include Singapore, Paris and Shanghai.
About Rho Ventures
Rho Ventures, a division of Rho Capital Partners, has been backing emerging
and high growth companies primarily in the U.S. since its inception in
1981. Venture capital and growth equity funds under management currently
exceed $1.5 billion. Rho Ventures has invested in approximately 200
companies and helped build market leaders across many high growth
industries. The firm is currently investing Rho Ventures VI, a $510
million fund launched in 2008. Previous investments include Ciena
Corporation, Compaq Computer (currently part of Hewlett Packard), Diversa,
Human Genome Sciences, iVillage (currently part of NBC Universal),
Leukosite (currently part of Millenium Pharmaceuticals), MedImmune,
Senomyx, Silicon Graphics, Vanda Pharmaceuticals, Vicuron and Yantra
(currently part of Sterling Commerce). For additional information, please
visit www.rho.com.
About Patersons HR and Payroll Solutions
Headquartered in Salisbury, U.K. with offices in the U.S., central Europe
and Asia, Patersons HR and Payroll Solutions is a leading global HR and
payroll software and services business delivering expert solutions to
clients in more than 160 countries. The Company's secure Internet-based
software as a service is multi-currency and multi-lingual (covering over 30
languages), features an easy-to-use interface, supports fast implementation
times and facilitates integration with existing systems. Patersons HR and
Payroll Solutions differentiates itself by: one contract, one software
solution, one enterprise interface and one cohesive system approach. As a
result, Patersons has proved the impossible by being able to run
multi-jurisdictional payroll rules for multiple clients on one database and
one instance of source code worldwide. More information and contact details
can be accessed at www.patersons.net