Serent Capital Announces Acquisition of Apex HCM by IRIS Software Group

Apex HCM (Apex), a leading cloud-based HCM software provider for payroll service bureaus (PSBs) and Certified Public Accountant (CPA) firms, announced today that it has been acquired by IRIS Software Group (IRIS), a leading global software provider of accountancy and payroll solutions.

Founded in 2008 and backed by Serent Capital since 2016, Apex’s software is used by over 250 PSBs and CPA firms across the United States to provide payroll services to over 40,000 small and medium-sized businesses (SMBs) and 400,000 employees. Its all-in-one enterprise HCM suite enables PSBs and CPAs to serve their SMB clients with recruitment, onboarding, benefits administration, HR and time and attendance software from a cloud-native platform.

“As we’ve scaled, Serent has been a very strong partner for us and has helped us strengthen our core offerings, drive product innovation, and expand our go-to-market strategy,” shared Robert Digby, CEO of Apex. “We look forward to being part of the global, market-leading IRIS family.”

“It’s been rewarding to partner with the Apex team and help them grow by expanding the breadth of their offerings and strengthening their market-leading position in the Payroll Service Bureau and CPA markets,” added Kevin Frick, Partner at Serent Capital. “We are proud of all the product enhancements that were delivered over the last several years, helping Apex’s customers grow their businesses. We look forward to Apex’s continuing customer-centric growth and success.”

Elona Mortimer-Zhika, CEO of IRIS says, “We are delighted to welcome Apex to the IRIS family. This acquisition continues our successful journey providing leading software to PSBs and CPA firms – a market which IRIS has been serving for decades in the UK and we are rapidly expanding in the Americas region.”

The acquisition of Apex is a significant milestone in IRIS’ international growth. The combined business provides payroll solutions for over 130,000 SMBs and one million employees across the United States and Canada.

About Serent Capital

Serent Capital invests in growing businesses with compelling solutions that exceed customer needs. As businesses grow and evolve, the opportunities and challenges they face change with them. The principals at Serent Capital have firsthand experience navigating growth through their experiences as CEOs, strategic advisors, and board members to successful businesses. Serent leverages their expertise and capital to help growing businesses thrive. For more information on Serent Capital, visit www.serentcapital.com.

About Apex HCM

Apex® HCM is a market leader in licensing cloud-based payroll, benefits and HR technology. Over 250 payroll service firms nationally use Apex's technology as the core of their business foundation. Their highly customizable and comprehensive suite of products and services include payroll & tax, time & attendance, benefits enrollment, ACA, human resources, mobile apps, reports & analytics, employee onboarding, applicant tracking and other business management tools normally reserved for large enterprises. Apex HCM’s cutting-edge cloud-based software allows its customers to effectively compete feature for feature with larger established firms while dramatically improving their workforce productivity.

About IRIS Software Group

IRIS Software Group is a global provider of mission critical software and one of the UK’s largest privately held software companies. IRIS provides software solutions and services for finance, HR and payroll teams, educational organizations, and accountancy firms that takes the pain out of processes and lets professionals focus on the work they love. Through simplifying, automating and providing insights on everyday mission critical tasks for organizations of all shapes and sizes, IRIS ensures customers can look forward with certainty and confidence.

IRIS is the largest third-party online filer with the UK Government. Ninety of the top 100 UK accountancy firms use IRIS software. One in six of the UK’s workforce is paid by IRIS payroll offerings, and globally, six million employees receive their payslip via IRIS software every month. More than 850,000 UK employees are managed by IRIS HR solutions. Over 12,000 UK schools and academies use IRIS, with four million parents and guardians using IRIS apps to connect with their children’s school; 300 million messages are delivered between schools and parents each year, and over £15 million transactional payments are processed every month. IRIS is certified as a Great Place to Work® and recognized as one of UK’s Best Workplaces, one of the UK’s Best Workplaces in Tech and one of the UK’s Best Workplaces for Women.

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