Mark Graham, Chief Commercial Officer Immedis (left) with Ruairi Kelleher, CEO Immedis and Terry Clune, Chairman Immedis. Picture: Robbie Reynolds
An investment of €50 million in a Kilkenny-based company is set to bring jobs, further expansion of services and a huge boost to the pride of local people in the business they are building here.
Immedis is part of the Clune Technology Group and based at the Danville Business Park. The company provides tailored payroll technology and services to companies all over the world.
Just before Christmas Immedis announced a funding injection of €50 million from institutional investors, valuing the company at €500 million.
Chief Commercial Officer of Immedis, Kilkennyman Mark Graham, said the company began by assisting companies with their overseas payrolls, like ESB International. As staff in companies move around the world, the Taxback Group helped them manage the tax complexities of moving staff.
Time after time the companies asked about payroll services for those staff and local hires. It was difficult for companies managing Irish payrolls and understanding the law and rules around the world.
Mark sat down with Terry Clune and they saw an opportunity for a branch of the company to deal exclusively with payroll and develop new technology in that area, using the existing infrastructure of the Taxback Group.
“We hired incredibly talented people all around the world,” Mark said. It got to the stage that they wanted to bring the company to the next level, and that needed investment.
In 2019 Immedis received a €25million investment from Scottish Equity Partners. By May 2019 Immedis had 125 employees in Kilkenny, Dublin, New Jersey and Bulgaria. That investment allowed them to invest strongly in technology and team building. By April 2020 Immedis had grown to 270 employees and the Kilkenny headquarters was “selling to every corner of the earth”.
“There is a huge appetite for what we do,” Mark said. Immedis won business from companies like Uber and McAfee.
A decision was made to take a second round of investment, and after a ‘virtual journey’ of presentations and time with investors Immedis found a good match in Lead Edge Capital, who have made this €50 million investment in the company.
“This puts us in a position where we can continue to grow,” Mark said of the investment, which will include building the team at the Kilkenny headquarters. The intention is to hire more people.
Mark said he is proud to be part of growing an international company based in Kilkenny. He described it as a ‘privileged position’ being able to commute to work in three minutes and get home to his children every evening.
“Sometimes we underestimate how lucky we are in Kilkenny,” he said.
With companies like Taxback and State Street located in the city other businesses inherently grow up around them.
“People say the motorway is the quickest way out of Kilkenny, but it’s also the quickest way to the city,” Mark said. Some of Immedis’s staff travel from Dublin, Kildare and Waterford. They are also seeing ‘home to roost’ employees, people who have worked outside Ireland coming home for the better quality of life. It’s growing the talent pool in the city. But the move to working from home, especially in the pandemic, means Immedis has access to people around the world and geography doesn’t have to dictate where or who people work for anymore. You can be in your home office in Kilkenny and speak to the largest investment companies in the world. This will have a major benefit for the region.
“Kilkenny is an incredible place to live. We are proud to pick up customers at Dublin airport and bring them back to Kilkenny,” he said, praising the city’s great hotels and restaurants.
The Clune Technology Group is the new name of Taxback Group, a renaming as the company now provides a lot more than just taxback services.