Cork-based HR and payroll software developer CoreHR is to be acquired by The Access Group. Financial terms of the deal were not revealed.
The addition of CoreHR follows Access Group’s purchase of People, a provider of HR software to SMEs.
CoreHR’s software serves more than 270 customers with more than 1 million users. Its clients include Aston Villa, Cineworld, JD Sports, Rank Group and the University of Oxford.
The deal establishes Access’s leadership position in the UK marketplace, with revenues in this sector alone, in excess of £100 million. The combination of these HCM focused assets will form the Access People division and Dean Forbes, the current CEO of CoreHR, will become its president.
“Over the past 36 years CoreHR has created a world-class human capital management system, built on the expertise of our people, in partnership with our customers that delivers real value,” said Dean Forbes, CEO of CoreHR. “When we met the team at Access we recognised the opportunity to provide an excellent home for our customers, solutions and the team at CoreHR, as we step into our next stage of growth. Access is fully committed to help us further enhance the depth and range of our products directly and via connectivity to the Access Workspace Suite of solutions.”
Chris Bayne, CEO, Access, said: “The European HCM and Payroll market is worth $5.2 billion with just under half of this market being served by pure SaaS solutions with an impressive growth rate of over 15%. CoreHR is a key player in this space and adds significant scope for Access to deliver even more solutions, to a broader range of organisations, across multiple markets, in particular allowing us to bring Access Workspace to the Irish market. The combined HCM offerings, Access can now deliver, will further strengthen our ability to take a bigger share of this growing market over the coming years, with our goal to double the current revenues by the end of our 2024 financial year.”
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