We are pleased to announce that our client S&W Payroll Services, LLC (dba “Netchex Online”), a leading provider of a comprehensive software-as-a-service human resource platform, has been recapitalized by Primus Capital, a growth-oriented private equity firm focused on investing in leading healthcare, software and technology-enabled services companies. Cascadia Capital served as the exclusive financial advisor to Netchex in this transaction.
Netchex offers a web-based suite of employer solutions including payroll, human resources, time and attendance management, benefits administration, Affordable Care Act compliance, reporting and talent management modules. It is a six-time member of Inc. Magazine’s “5000 Fastest Growing Companies” list and is differentiated by its focus on the small and medium-sized business market and its award-winning technology platform.
With support from its new equity-backer, Netchex will focus on improving and expanding its product offerings and targeting new market opportunities. Primus will join the company’s board of directors and help guide the company’s continued growth and geographic expansion.
Reflecting on the transaction, Will Boudreaux, CEO and co-founder of Netchex says, “Cascadia took the time to build a solid relationship with Netchex – getting to know us and our business. They were patient in advising us on the best time to evaluate our strategic options. They made us aware of market conditions and relevant M&A activity, prepared us for and managed our process, and truly understood our definition of a successful outcome, which we achieved in our transaction with Primus.”
The Netchex transaction represents the fourth completed deal in the first quarter of 2016 for the Cascadia Capital Technology team.