Kilkenny company valued at €500m after signing deal with US fund: report

Kilkenny-based payroll technology firm Immedis is valued at €500 million after it signed a $50 million investment deal with a US fund.

Immedis, which was founded by Taxback Group chief Terry Clune, completed the investment deal with New York-based Lead Edge Capital.

This investment values the Kilkenny company at $575m (€500m), triple what it was worth just 18 months ago, according to a report in the Sunday Independent.

Immedis was established by Mr Clune as part of his Taxback Group and remains part of Clune Technology Group.

“What we do very simply is help large companies solve their global payroll problems, using a technology we’ve built here in Ireland,” Clune told the newspaper.