Status:

Current

Commitment:

£22m

Date of Investment:

2020

Sector:

Business Services

Buy & Build:

5 completed acquisitions

“Horizon Capital’s unparalleled expertise in buy and build aligns well with our business strategy. They are the ideal investment partner to navigate our journey towards growth and help us realise our ambitions.”

Guil HastingsCEO, TopSource Worldwide

Background

The combined TopSource Worldwide and PEO Group creates an employment compliance group providing customers with an end-to-end solution in outsourced payroll services, Employer of Record (“EOR”) and HR management.

The Group has 900+ customers, high levels of contracted revenue and scaled presence across Europe and APAC.

The Group sits within the £2.5bn+ international outsourced payroll and EOR market which are growing at 5% and 20% respectively. This growth is driven by an underlying trend to outsource these services in a cost efficient and compliant way.

The payroll and EOR market is highly fragmented with a large number of small founder owned businesses focussing on specific regions or end sectors. Driving consolidation in this sector through M&A will be a key part of the Group’s strategy going forward.

The Journey so far

Horizon Capital invested in the business in December 2020, working with management to scale and develop the Group with the following strategy:

  • Accelerate organic growth through cross-sell, investment in go-to-market proposition and digital marketing capabilities
  • Build out ancillary and complementary capabilities that increase customer lifetime value
  • Investment in existing IP to enhance offering and customer stickiness
  • Execute on acquisition strategy in International payroll and EOR

Buy and Build

We completed the first acquisition for TopSource Worldwide simultaneously with the platform investment and a further 4 since then.

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