TA- and Hg-backed Access acquires JMI-backed CoreHR

Access recently acquired HR software provider People, which will be merged with CoreHR. The merged entity will form Access's newly formed people division and CoreHR's CEO will act as its president.

Access reported 2019 pro forma EBITDA of £74m from pro forma revenue of £214m.

While TA acquired Access from Lyceum in January 2015 in a transaction that valued it at £225m, Hg invested in the business for a joint stake in April 2018. Hg drew equity from its Hg 8 fund and the investment gave Access a valuation of around £1bn.

Previous funding
Alongside JMI Services, US-based JMI Equity invested in CoreHR in January 2016. The deal was valued at less than £25m, according to Unquote Data.

Company
Founded in 1984, CoreHR is an HR and payroll software developer for SMEs. Its software covers people management, payroll, workforce management, recruitment, talent management and training programmes. The company employs 350 people across its headquarters in Cork and offices in Kilkenny, Dublin and London.

People
Access – Chris Bayne (CEO).
CoreHR – Dean Forbes (CEO).

Advisers
Company – Arma Partners (corporate finance).

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