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Paycor received commitments for $270 million in new investment led by Neuberger Berman and QIA and accompanied by other new investors

4th January 2021

Cincinnati and New York, January 4, 2021 - Paycor, a leading provider of SaaS Payroll and Human Capital Management software, today announced that it has received commitments for $270 million in new investment co-led by Neuberger Berman, on behalf of certain funds for which it serves as investment adviser, and Qatar Investment Authority (“QIA”) and accompanied by other new investors including ClearBridge Investments, Franklin Templeton, Leumi Partners, and Teca Partners. 

Paycor is a trusted partner to more than 40,000 medium and small-sized businesses. Known for delivering modern, intuitive recruiting, HR and payroll solutions, Paycor partners with businesses to optimize the management of their most valuable asset — their people. 

“The partnership of these new investors with Paycor speaks to the momentum we have achieved as a leader in HCM and the opportunities we see ahead,” said Raul Villar, Jr., Paycor’s Chief Executive Officer. “This allows Paycor to accelerate our strategy of serving our customers with industry-leading technology and expertise.” 

Jason Wright, Partner at Apax Partners said, “Cloud HCM / Payroll is a large, growing market with evolving customer needs. Paycor’s next-generation, integrated suite of solutions is at the forefront of this evolution. In the last three years, Paycor has undergone a substantial transformation, investing in its product, go-to-market strategy, and management team, while continuing to scale the business. We welcome Neuberger Berman, QIA, ClearBridge Investments, Franklin Templeton, Leumi Partners and Teca Partners as additional investors to support the company’s growth strategy.” 

J.P. Morgan Securities LLC acted as Sole Placement Agent on the financing. Kirkland & Ellis LLP acted as legal advisor to Paycor. 

This press release is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. 

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About Paycor
Paycor creates HR software for leaders who want to make a difference. Our Human Capital Management (HCM) platform modernizes every aspect of people management, from the way you recruit, onboard and develop people, to the way you pay and retain them. But what really sets us apart is our focus on business leaders. For 30 years, we’ve been listening to and partnering with leaders, so we know what they need: HR technology that saves time, powerful analytics that provide actionable insights and dedicated support from HR experts. That’s why more than 40,000 medium & small businesses trust Paycor to help them solve problems and achieve their goals. 

About Apax Partners LLP
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of approximately $50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. 

About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 24 countries, Neuberger Berman’s diverse team has over 2,300 professionals. For seven consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $374 billion in client assets as of September 30, 2020. For more information, please visit our website at www.nb.com

About QIA
Qatar Investment Authority (“QIA”) is the sovereign wealth fund of the State of Qatar. QIA was founded in 2005 to invest and manage the state reserve funds. QIA is among the largest and most active sovereign wealth funds globally. QIA invests across a wide range of asset classes and regions as well as in partnership with leading institutions around the world to build a global and diversified investment portfolio with a long-term perspective that can deliver sustainable returns and contribute to the prosperity of the State of Qatar. 

Media contacts

For Paycor
Katy Bunn | +1 513.307.6392 | KBunn@paycor.com 

For Apax Partners
Katarina Sallerfors | +44 207 872 6526 | katarina.sallerfors@apax.com 
Kekst CNC | +1 212 521 4854 | todd.fogarty@kekstcnc.com