Clare-based HR software company HRLocker has been acquired by ISH Group in a deal that is expected to support the company’s future growth.
An exact value for the acquisition, which has been completed, was not disclosed by the Irish company, but industry sources estimated it to be a seven-figure sum.
As part of the deal, chief executive Adam Coleman will step back from the business he founded, and current chief operating officer Crystel Robbins Rynne will take over the leadership of the company.
It will open up HRLocker to faster innovation and expansion of its offering in domestic and overseas markets, and the potential integrations with other ISH portfolio companies, providing access to new opportunities.
Ms Robbins Rynne cited the ISH founders background in software as a service (SaaS) businesses, which allow companies to cut costs by effectively renting such software rather than buying applications which can quickly become obsolete.
“It’s giving us an opportunity to learn from the other companies in the group. We are at a growth phase,” Ms Robbins Rynne said. “The ISH company founders have come from growing SaaS companies. So as well as being part of a bigger group and learning from the other companies in the group, it’s also having the ISH leadership, to bring that to the next stage, because they’ve kind of been there and done it before.”
However, the company was first planning to focus on growth and becoming a leader within the Irish market, she said.
Founded in 2014, HRLocker offers a digital HR information system that manages the employee life cycle, including GDPR-compliant employee databases, time management, performance management, and HR and payroll reporting.
“HRLocker’s commitment to supporting SMEs and its robust HRIS platform make it an excellent addition to our portfolio,” said Adam Reynolds, co-founder and managing partner of ISH. “With Crystel stepping into the CEO role, we’re confident in HRLocker’s continued success and in our shared vision for empowering businesses to attract, manage, and develop their talent.”
ISH is backed by Mr Reynolds, Michael Richards and Strada Partners. It was founded to build a portfolio of SaaS companies, investing early and providing support to teams.
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