Eurazeo Croissance, the Eurazeo investment division that specializes in assisting fast-growing companies, today announced the start of exclusive negotiations to sell its interest in PeopleDoc alongside Accel Partners, Alven Capital and Kernel Investissements and PeopleDoc’s founders, to NASDAQ-listed and US-based Ultimate Software, a leading provider of human capital management (HCM) solutions.
Ultimate Software plans to acquire PeopleDoc for approximately $300 million, to be paid with a combination of cash and shares of Ultimate Software common stock, with approximately $75 million of cash to be paid at the closing and approximately $50 million of cash to be paid 12 months after the closing date. Ultimate Software expects that the PeopleDoc acquisition will have no material impact on Ultimate’s total revenues in fiscal year 2018.
Founded in 2007, PeopleDoc is a pioneer in HR software as a service (SaaS) with more than 1,000 customers in 180 countries. More than 4 million employees worldwide access their information and connect with their HR department using PeopleDoc. Clients enjoy major benefits in terms of productivity and security and reducing their environmental footprint. PeopleDoc has recently been mentioned by Forbes for advances in employee process automation and Inc. Magazine for helping define the category of HR Service Delivery. In 2014, PeopleDoc was named to the “Cool Vendors in Human Capital Management” list by Gartner. More information is available at www.people-doc.com.
Thanks to its positioning and the expertise of its Founders, PeopleDoc has enjoyed rapid growth since its creation. The company has undergone a significant ramp-up since Eurazeo’s investment in 2015, due in particular to the speed of its organic business growth in France but above all to its geographical expansion in the US, the UK, Germany and Canada.
Yann du Rusquec, Managing Director, Head of Eurazeo Croissance, stated: “We wish to thank Jonathan and Clément for the confidence they have shown over the past years. We take pride in our support of PeopleDoc and wish them the greatest success with the next stage of their development.”
Jonathan Benhamou, CEO and co-founder of PeopleDoc, added: “Today, I can measure how far PeopleDoc has come since its creation. Our company is entering a new phase in its development, the goal being to create a global HR leader. I would like to extend my warmest thanks to Eurazeo, Yann and his teams for their support over the last three years and their contribution to this great adventure.”
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