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BrightPay secures investment from Hg

11th Sep 2018
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The payroll solution that provides all you need for Auto Enrolment.

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Hg has agreed a minority investment in BrightPay, a provider of Accounting and HR payroll software to SMEs in Ireland and the UK. Transition Capital, Hg’s new structured minority investment strategy, will fund the investment in BrightPay. The investment offers privately-owned businesses an attractive alternative to a minority equity sale, through structured equity, which gives entrepreneurs access to the support of Hg and its network, whilst retaining voting control of their business.

BrightPay has been established for almost 30 years providing a suite of payroll, accounting and HR products to over 120,000 businesses in the UK and Ireland. BrightPay entered the UK market in 2012 and has quickly grown the UK customer base to over 25,000 customers. BrightPay continues to gain market share in the UK and Ireland due to our competitive pricing model and innovative features.

Paul Byrne, Managing Director at BrightPay said:

“Our philosophy has always been to offer great products that are affordable to businesses and accountants alike. Last year, in the UK alone, we achieved 60% growth in sales and that success has continued into 2018. Hg’s invaluable HR and payroll expertise combined with their detailed market knowledge will help BrightPay accelerate this growth across both the UK and Ireland. We are extremely pleased that a respected, long-term oriented partner like Hg shares our view about the vast opportunity ahead for BrightPay.”

Ireland is set to see new PAYE reforms with the introduction of PAYE modernisation coming this January 2019. The new legislation will require employers to report PAYE in real time to the Irish Revenue Commissioners (“Revenue”). This is a similar concept to RTI. BrightPay has invested significantly ahead of this change to prepare to support Irish SMEs through this transition. We are looking forward to working with Hg to identify and implement potential strategic partnership opportunities across both territories.

Peter Miholich, Director, Hg, said:

“We have been really impressed by the dedication of the BrightPay team to delivering great software and outstanding service to their customers. We look forward to partnering with Paul, Ross and the team to take BrightPay to the next stage of its development, adding our experience and strong track-record of working with successful businesses in Accounting and Payroll software.”

About BrightPay Software

Established in 1991, BrightPay offers payroll, HR and accounting software products to Irish and UK businesses and accountants. We provide powerful software that is both cost effective and easy to use. Our suite of payroll and HR products save businesses a considerable amount of time by utilising automation and innovative technology. Currently, our products are used by over 120,000 (and counting) businesses across the UK and Ireland. We are a passionate team who strive on the excitement and challenge of continuous growth, improvement and development. Our plans for the future are big! https://www.brightpay.co.uk/  

About Hg

Hg is a sector expert investor, committed to helping build ambitious businesses across the technology, services and industrial technology space, primarily in Europe. Deeply resourced sector teams focus on specific sub-sectors and investment themes to identify companies occupying an established position within a niche, and which have the potential to grow faster than their market, create employment and become the leader in their industry. Hg’s dedicated operations innovation team provides practical support to management teams to help them realise their growth ambitions. Based in London and Munich, Hg has funds under management of over £10 billion serving some of the world’s leading institutional and private investors. For further details, please see www.hgcapital.com

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