Status:

Current

Commitment:

£22m

Date of Investment:

2020

Sector:

Business Services

Buy & Build:

1 completed acquisition

“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

Background

The combined TopSource 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 simultaneously with the platform investment and have a strong pipeline of further acquisitions we are working on.

News & Insights

Related Infomation

February 16, 2021 in News

Horizon Capital portfolio company Juniper Education makes headlines with National Data Report

Horizon Capital portfolio company Juniper Education made national headlines last week with the release of its National Dataset Report which explores the impact of the Covid-19 pandemic on primary school…
Read More
February 8, 2021 in News

Horizon Capital expands investment team with two new hires

Horizon Capital announces the expansion of its team with two new experienced hires.  The appointments follow a busy period for the firm with three exits, 2 new platforms and 23…
Read More
February 1, 2021 in News

Horizon Capital backed AgriBriefing announces the acquisition of Tallage SAS – trading as Stratégie grains

AgriBriefing, the world’s leading agribusiness price reporting, information, market data and intelligence company is pleased to announce the acquisition of Tallage SAS. Tallage is a French-based provider of business-critical intelligence…
Read More