Eurazeo et al. sell PeopleDoc to trade

As a result of the transaction, France-based backers Eurazeo Croissance, Kernel Investissements and Alven Capital, and US-based Accel Partners have sold their stakes in PeopleDoc.

Founded in 1990 and based in Weston, Florida, HCM service Ultimate Software operates the cloud platform UltiPro, dedicated to HR, payroll and talent management tasks. The business is listed on Nasdaq and generated a turnover of $940m in 2017.

Previous funding
Alven, Fa Dièse and a group of business angels injected €1.7m into PeopleDoc (then Novapost) in 2010.

Two years later, existing investors including Alven and Fa Dièse contributed to a €1.5m funding round, joined by PeopleDoc's founders, as well as investment holding Kernel.

Subsequently, Eurazeo led a $28m series-C round in 2015, alongside Accel, Kernel and Alven. Eurazeo alone invested $19m.

Company
Established in 2007, PeopleDoc is a provider of cloud-based HR delivery systems. It enables HR organisations to remotely assist employees, with the ability to easily answer employee requests on demand, automate employee processes and manage document acknowledgement, storage and compliance across multiple global locations.

PeopleDoc has approximately 265 employees. Headquartered in Paris, the business operates offices in Germany, the UK, Finland, the Netherlands, Canada and the US. PeopleDoc serves 1,000 customers including companies such as Avis Budget Group, Club Med, GoDaddy, HSBC, Nestlé and Yves Rocher.

People
Ultimate Software – Scott Scherr (CEO, founder); Adam Rogers (chief technology officer).
PeopleDoc – Jonathan Benhamou (co-founder, CEO); Clément Buyse (co-founder).

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• France
• Eurazeo
• Alven Capital
• Accel Ventures