News & Insights
Cascadia Capital Advises Netchex in its Recapitalization by Primus Capital
March 23, 2016
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.
About Netchex Online
Netchex is a leading, web-based Human Capital Management platform offering single sign-on, integrated solutions for the complete employee lifecycle. Netchex’s software features hiring, onboarding, payroll, human resources, time management, benefits and reporting tools to control labor costs and enhance the employee experience. For more about Netchex, visit www.netchexonline.com.
About Primus
Primus is a growth-oriented private equity firm focused on investing in leading health care, software, and technology-enabled companies. They partner with exceptional management teams to accelerate growth, improve the operating performance, and increase the value of the companies in which they invest. The types of transactions they pursue include buyouts, control and minority recapitalizations, secondary share purchases and expansion financings. This flexible approach enables them to engage with business owners and design tailored investment structures to meet the particular needs of the transaction. For more about Primus, visit www.primuscapital.com.
About Cascadia Capital
Cascadia Capital is a middle market investment bank, serving both private and public growth companies around the globe. Cascadia’s business is diversified in terms of both the industries it covers and the range of services it provides. Cascadia is a pure advisory firm, and unlike other investment banks, it is not conflicted by trading, lending, research or cross-selling business. For over a decade, the firm has delivered the best outcomes for its clients based on its transaction experience, domain expertise and commitment to building long-term relationships. Cascadia always acts in the long-term interests of clients, and honors its position as a trusted advisor. For more information, visit the firm’s website at www.cascadiacapital.com.