Bond International Software plc, based in West Sussex, has entered into a conditional agreement with FMP Global Bidco, owned by Tenzing Private Equity, for a £30 million buyout of its payroll subsidiaries, Bond Payroll Services and Bond HR & Payroll Software.
Bond Payroll Services, Bond HR & Payroll Software and FMP Global Bidco will join together to form a new company, FMP Global. The new company will specialise solely in payroll and HR services and maintain a name for being the UK’s leading independent international payroll supplier. It will keep and expand existing payroll and HR software platforms while also offering complementary services as part of a complete package.
Tenzing Private Equity, which financed the buyout, will be focusing strongly on continued investment into accelerating the company’s organic growth.
Justin Cottrell, CEO of FMP Global, said: “Tenzing shares our vision for the next stage of growth. Its track record and acquisition support, tenacity shown throughout the process, support for the management and cultural fit with the business and our team proved it will be the perfect partner for the next stage of the development of our business.”