HR Path raises €5m from Ardian et al.

José Rojo
18 June 2015

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French HR information service provider HR Path has raised €5m from Ardian and Societe Generale Capital Partenaires (SGCP).

HR Path intends to allocate the fresh funds to its organic and external growth strategy within the human resources information system market, both in France and abroad.

The company's management will retain a majority stake in the business.

The round was split evenly between Ardian and SGCP. The former invested via its Growth Fund, which typically writes €10m cheques for growth capital deals in French and international SMEs. Launched in June 2012, the vehicle raised €70m at final close in April 2014, €10m more than its initial €60m target.

Aside from HR Path, additional deals by the fund include a €3m injection to acquire a minority stake in French hospitality software developer Ariane Systems in May and a €2.5m investment in Paris-based digital supply chain service Clever Age in January, according to unquote" data.

Company
Founded in 2001 by François Boulet and Cyril Courtin, HR Path is a consultancy firm that focuses on human resources-related services. The business provides IT software and advice on payroll and staff management issues to clients including listed companies, SMEs and public sector organisations.

Headquartered in Paris, the company operates via eight agencies in France and runs subsidiaries in the Benelux region, Switzerland, Germany, the US, Canada, the UAE and Morocco, among other locations. Employing a workforce of 400 staff, the business most recently posted €45m in revenues.

People
Ardian Growth director Alexis Saada and head Laurent Foata led the deal for the GP, while SGCP was represented by director Marc Jacquin, deputy director Marc Diamant and private equity director François Rivolier. François Boulet is founder and CEO of HR Path.

Advisers
Equity – Lamartine Conseil, Olivier Renault, Gary Lévy, Cindy Nlem (Legal); Mazars, Danièle Batude (Tax).
Company – Reed Smith, Stéphane Letranchant, Emmanuel Vergnaud, Charlotte Hazan (Legal).