CHARLOTTE, N.C.--(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