L Capital announces first investment out of inaugural fund in Ascender HCM, the largest independent payroll software and services provider in Australia, New Zealand and Asia Pacific regions
SAN FRANCISCO, CA – L Capital LLC is pleased to announce the first equity investment by its inaugural fund, L Capital I LP. The minority investment in Ascender HCM is part of a new round of equity financing to fund the acquisition of the Australia/ New Zealand payroll business of NGA Human Resources. Ascender HCM is a leading provider of payroll software and services based in Sydney, Australia which operates in Australia, New Zealand and throughout the Asia Pacific region.
Ascender HCM was originally created in May 2015 as a carve-out from Allegis Group by a consortium led by Potentia Capital and including Five V Capital. L Capital is joined in the current investment by MLC, a large Australia-based investor affiliated with National Australia Bank (NAB). As part of the transaction, L Capital also provided business integration services designed to accelerate the combination of the two businesses.
“We are excited to support the growth of Ascender HCM with both our capital and our integration expertise,” said Bart Foster, Managing Partner of L Capital LLC. “Ascender HCM is now the leading provider in some of the fastest growing payroll outsourcing markets.”
The newly combined company will operate under the Ascender HCM brand name and will hold a leadership position in the Australia/New Zealand and Asian multi-country payroll outsourcing markets. The combined business has over 800 staff in over 30 countries. Following the transaction, NGA HR’s ANZ President Ms. Marjukka Maki-Hokkonen has been appointed CEO of combined businesses.
About L Capital
L Capital is a specialty private equity firm focused on the technology, media and telecommunications (TMT) sector. L Capital makes equity co-investments alongside leading buyout and growth equity funds and provides advisory services including diligence support and deal origination. The affiliation with Renovata & Company provides access to a global talent network, proprietary deal flow, and relationships with 50 of the top 100 private equity firms ranked by assets under management.
L Capital is led by its co-founder and managing partner, Bart Foster. Bart is an experienced private equity investor who has made over $360M of private equity investments in the technology sector.
Founded in 2003, Ascender offers advanced payroll service solutions using SaaS, comanaged and fully- managed delivery options. The company’s proprietary platforms allow seamless process re-engineering, process standardization and automation, and extended payroll services for clients. Ascender is leader in Asia Pacific multi-country solutions, enabling consolidated reporting and multiple language and currency capabilities. Headquartered in Australia, Ascender has 800 highly trained employees that provide services in up to 31 languages, and in over 30 countries. Ascender was acquired in 2015 by a consortium led by Potentia and including Five V Capital.