Teakwood Capital announced on July 12th that they have invested in iiPay, the world’s leading cloud-based payroll services company that delivers global and instant access to all payroll data. Teakwood Capital plans to grow iiPay’s capital and further enhance their operational infrastructure. The investment will aid iiPay’s global reporting and E-pay slips from a single, centralized system. From this system, client’s payroll administrators will be able to view valuable payroll information, benefit from operational efficiencies, and save costs.
“The valuable support iiPay provides clients in managing their global needs, along with its successful track record of delivering market-leading technology and service, made this a desirable investment opportunity,” said Shawn Kelly, Managing Director at Teakwood Capital. “Our firm’s operational and strategic expertise, combined with that of iiPay’s leadership, will further enhance the company’s reach and depth of value provided to clients.”
iiPay’s payroll service currently serves more than 270 global businesses and provides payroll services in over 120 countries. iiPay provides many domestic and international services: including Global Managed Services that is client-specific and incorporates the payroll reporting and E-payslip service, Global E-Payslip Service that ensures employee payslips are securely stored and retrieved, and a Global Reporting Service to securely store and report on all payroll data. They also provide Payroll Consulting Services, which enable organizations to optimize their payroll and maximize return on investment.
“Teakwood’s investment will support further expansion of iiPay’s technology and services, enhancing the value provided to current and future customers,” said Bob Foster, CEO at iiPay. “Our team is excited to work alongside the seasoned group at Teakwood and advancing iiPay to new levels of growth and profitability.”
Teakwood Capital is based in Dallas, Texas and is a private equity firm. They focus on investing in companies that are technology-based, with strong management teams seeking growth, primarily located close to Texas, and have less than 25 million in revenue. With hands-on operating experience and a team of ex-CXOs working closely with new clients, they’ve been able to grow revenue, improve operations, and sustain intellectual property.