Neuberger Berman and Qatar SWF Lead Investor Group into Paycor
Posted on 01/04/2021
Founded in 1990 in Cincinnati, Paycor, Inc. is a payroll and human capital management software provider. Paycor received US$ 270 million in investments in a round led by Neuberger Berman and the Qatar Investment Authority (QIA). New investors in Paycor include ClearBridge Investments, Franklin Templeton, Leumi Partners, and Teca Partners. The deal gives current investor Apax Partners some breathing room.
Funds advised by Apax Partners invested in Paycor in September 2018. Bob Coughlin founded Paycor and in its fiscal year 2016, the company had around US$ 200 million in revenue. Coughlin formerly was an employee of payroll giant ADP. In June 2019, Raul Villar, Jr. became CEO of Paycor taking the reins from Bob Coughlin. Villar joined Paycor from AdvancedMD, a provider of SaaS, multi-tenant cloud solutions for independent physicians, where he had served as CEO starting in 2015.
Advisors
J.P. Morgan Securities LLC acted as Sole Placement Agent on the financing. Kirkland & Ellis LLP acted as legal advisor to Paycor.