Serent Capital Announces Acquisition of Apex HCM by IRIS Software Group

Serent Capital Announces Acquisition of Apex HCM by IRIS Software Group

February 28, 2023

Apex HCM (Apex), a leading cloud-based HCM software provider for payroll service bureaus (PSBs) and Certified Public Accountant (CPA) firms, announced today that it has been acquired by IRIS Software Group (IRIS), a leading global software provider of accountancy and payroll solutions.

Founded in 2008 and backed by Serent Capital since 2016, Apex’s software is used by over 250 PSBs and CPA firms across the United States to provide payroll services to over 40,000 small and medium-sized businesses (SMBs) and 400,000 employees. Its all-in-one enterprise HCM suite enables PSBs and CPAs to serve their SMB clients with recruitment, onboarding, benefits administration, HR and time and attendance software from a cloud-native platform.

“As we’ve scaled, Serent has been a very strong partner for us and has helped us strengthen our core offerings, drive product innovation, and expand our go-to-market strategy,” shared Robert Digby, CEO of Apex. “We look forward to being part of the global, market-leading IRIS family.”

“It’s been rewarding to partner with the Apex team and help them grow by expanding the breadth of their offerings and strengthening their market-leading position in the Payroll Service Bureau and CPA markets,” added Kevin Frick, Partner at Serent Capital. “We are proud of all the product enhancements that were delivered over the last several years, helping Apex’s customers grow their businesses. We look forward to Apex’s continuing customer-centric growth and success.”

Elona Mortimer-Zhika, CEO of IRIS says, “We are delighted to welcome Apex to the IRIS family. This acquisition continues our successful journey providing leading software to PSBs and CPA firms – a market which IRIS has been serving for decades in the UK and we are rapidly expanding in the Americas region.”

The acquisition of Apex is a significant milestone in IRIS’ international growth. The combined business provides payroll solutions for over 130,000 SMBs and one million employees across the United States and Canada.

Serent Capital invests in growing businesses that have developed compelling solutions that address their customers' needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive. Learn more about our portfolio companies.


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