Apax announces investment in HR software firm GreytHR
Apax Global Alpha Limited
146.60p
16:35 09/09/24
Apax Global Alpha (AGA), a closed-ended investment company that offers access to Apax Private Equity Funds, announced an upcoming strategic investment in greytHR, a human resource management software (HRMS) platform based in India.
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The London-listed firm said the investment, made through the Apax Digital Fund II (ADF II), was expected to close in the third quarter, pending customary closing conditions.
AGA anticipated investing around €2.5m in greytHR on a look-through basis.
Founded in 1994 in Bengaluru, greytHR provides a suite of productivity tools designed to streamline HR processes, enhance people management, and deliver professional HR and payroll services.
The company said the platform is widely adopted, with over 23,000 organisations and 2.3 million users across India, the Middle East, and southeast Asia relying on its software.
It said the Apax Funds had extensive experience in the software sector, including prior investments in HRMS and payroll companies like Paycor and Zellis, and planned to collaborate with greytHR to expand its product offerings.
The focus would be on enhancing the platform with new strategic HR modules, particularly in recruitment and talent management, and driving growth by targeting new customer segments.
It said the investment was designed to solidify greytHR's position as a market leader in the HRMS space.
At 1120 BST, shares in Apax Global Alpha were up 0.55% at 147.4p.
Reporting by Josh White for Sharecast.com.