Private equity firm Tenzing has sold its investment in payroll services firm FMP Global to IRIS Software Group, generating a 5.4x return on investment and a 72% IRR return.
The sale is the first exit for Tenzing.
FMP Global was founded in 2006 and provides global payroll services and software, with operations in 135 countries.
Tenzing backed FMP Global Founder and CEO Justin Cottrell and his management team in 2016. During the investment period the business made three acquisitions and grew profits by an average of 28% every year, with the number of employees growing by 50%.
Christian Hamilton, Managing Partner at Tenzing, said: “We are delighted to complete Tenzing’s first exit and mark the culmination of our partnership. FMP Global is truly best-in-class in payroll process management and we part ways with the company positioned to win in a large and growing market.”
Justin Cottrell, CEO of FMP Global, added: “We enjoyed a shared vision with Tenzing for the future of FMP Global from the start. Throughout the last three years they have supported my team and brought helpful advice and expertise to enable us to supercharge the business.”