Aquiline announces merger of portfolio companies CoAdvantage and PrimePay
Aquiline, a private investment firm specializing in financial services and technology, announces a strategic merger between two of its portfolio companies: CoAdvantage, a Professional Employer Organization (PEO) that provides a comprehensive suite of bundled, fully outsourced human resources services, insurance, and benefits offerings to small- and mid-sized businesses, and PrimePay, a payroll and human resources software business that helps small- and mid-sized businesses and franchises automate payroll, tax filings, workforce management, and compliance.
0
External
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Given the highly complementary nature of both brands, the joint offering will provide customers greater flexibility and choice in the type of payroll and HR services they can access. From standalone payroll to fully outsourced human resources solutions in complex regulatory environments, CoAdvantage and PrimePay together will be able to meet and evolve with the needs of their customers. This also includes competitive benefits programs to attract and retain talent, and a robust proprietary back-end technology stack that can support mid-sized businesses and franchises as they scale and grow.
“At the heart of this combination is recognition that the needs of our customers across both companies regularly change as they grow and meet new challenges,” said Joe Pappalardo, partner at Aquiline. “Joining forces better enables the delivery of an outstanding experience to all our customers as they evolve in size and preference across the full range of self- to full-service solutions. This combined capability in the payroll and HR technology market will further strengthen CoAdvantage’s and PrimePay’s positions of industry leadership.”
"We are thrilled to work with the PrimePay team and excited for the opportunities this merger will create for our customers and their employees,” said John Cumbee, CEO of CoAdvantage. “Leveraging the deep industry expertise of both organizations and our complementary technology strategies will allow us to offer a more seamless and comprehensive set of HR and payroll solutions, driving consistent, long-term growth. By combining CoAdvantage’s cutting-edge CoAdQuantum technology platform with PrimePay’s robust platform, integrations, and AI capabilities, we are positioned to deliver a unified, best-in-class HCM experience for the SMBs, mid-sized firms and franchises we support.”
Overview of Merger Rationale
• While the businesses will continue to operate independently in the foreseeable future, the merger creates a full-spectrum combined offering and value proposition that will give CoAdvantage and PrimePay the ability to better meet the needs of new and existing customers
• Merger significantly expands CoAdvantage’s go-to-market and adds new growth opportunities through PrimePay’s partnerships and embedded customer base
• Reflects a shared commitment to technology innovation and advisory services
• Provides opportunity to combine and maximize investment in product development and innovation, including integrations and AI