L Capital Announces Investment in Netchex Alongside GrowthCurve Capital

Covington, Louisiana  |  June 2023 

L Capital has made a new platform investment in Netchex ( or the “Company”) alongside New York-based private equity firm, GrowthCurve Capital.

Founded in 2003 by CEO Will Boudreaux and co-founder Stuart Ethridge, Netchex is a leading provider of human capital management (“HCM”) and payroll software solutions to the small to medium enterprise (“SME”) market.  The Company provides an integrated suite of cloud-based HCM products including core HR, payroll, time & attendance management, benefits administration, talent management, and reporting & analytics, among other solutions.  Netchex serves over 6,000 businesses across a range of industries nationwide, with the core mission of making HR, benefits, and payroll easy through its differentiated technology platform and strong commitment to client service.  Among other industry accolades, Netchex has been included in G2 Crowd’s list of Top Performers.

The new investment will enable Netchex to further accelerate growth into new markets/ geographies and develop new data-driven products across the HCM suite. As part of the transaction, L Capital’s Diligence & Advisory team made two executive placements:  i) Ted Gaty, former Chief Product & Technology Officer of Paylocity, has joined the Board as an Independent Director, and ii) Paige Newcombe, former Chief Customer Officer at Saba Software, has joined the Netchex management team as Chief Transformation Officer. 

“Netchex is one of the fastest growing HCM technology companies in the industry, and we’re proud of the significant differentiation and strong brand that we have developed in the marketplace,” said Will Boudreaux, Founder and CEO of Netchex.  “GrowthCurve is the ideal partner to support the next phase of Netchex’s growth, and their expertise in AI, human capital, and scaling data-centric companies will provide a strong foundation for our vision to make HCM easy, intuitive, and a core value driver for the SME market.  We also thank Primus Capital for their partnership and support while they were investors in Netchex.” 

Matthew Popper, Head of Technology and Information Services Investing at GrowthCurve, said, “Netchex is a leader in the fast-growing HCM and payroll software industry, with an impressive solution that provides seamless end-to-end functionality for the end user.  We look forward to partnering with Will and the rest of the management team to accelerate Netchex’s growth, including applying GrowthCurve’s functional capabilities at the intersection of data analytics and human capital to build on the Company’s culture of innovation and expand the platform’s capabilities.” 

About Netchex 

Netchex offers businesses a comprehensive, cloud-based suite of payroll, human resources and benefit administrative services backed by dedicated support specialists. Regardless of the number of employees or your payroll complexity, Netchex can tailor HR tech solutions to fit your needs. This rare combination of comprehensive payroll software solutions, dedicated support and flexible offerings helps you easily manage employee engagement and simplify your entire payroll process. For more information, please visit: 

About GrowthCurve Capital 

GrowthCurve Capital is a private equity firm focused on building world-class businesses by leveraging data, analytics, and machine learning, combined with a comprehensive approach to human capital, to accelerate growth and drive value creation. Founded by Sumit Rajpal, former Global Co-Head of the Goldman Sachs Merchant Banking Division, the firm focuses on control-oriented private equity investments primarily across the financial and information services, healthcare, and technology sectors. For more information, please visit: 

About L Capital  

L Capital is a specialty private equity firm that advises and invests alongside leading buyout and growth equity firms. Our strategy leverages longstanding private equity sponsor relationships and a global executive network to unlock and transform PE deal opportunities across the Technology, Business Services, Industrial and Consumer sectors. The result: strategic insights for PE investors, high-impact leadership for their portfolio companies and access to differentiated returns for L Capital’s limited partners.

Founded in 2015, L Capital is a part of a unique platform serving the private equity industry. Our affiliated executive search and recruitment firms, provide access to a network of 200,000+ senior executives which we leverage to provide value across the PE investment lifecycle including deal origination, diligence support, executive search, and team buildouts. This executive network is a key differentiator and offers a unique lens into companies through the executives who lead them. For more information, visit:

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