Covington-based Netchex acquired by New York firm

Photo courtesy AOS Interior Environment’s website.

Covington-based Netchex, a leading provider of cloud-based human capital management and payroll software, has been acquired by GrowthCurve Capital.

GrowthCurve is acquiring the business from affiliates of Primus Capital, according to a news release. Terms of the transaction were not disclosed.

Netchex was founded in 2003 by CEO Will Boudreaux and co-founder Stuart Ethridge. The company is a leading provider of human capital management and payroll software solutions to the small to medium enterprise market.

Netchex provides an integrated suite of cloud-based HCM products that includes core HR, payroll, time and attendance management, benefits administration, talent management, and reporting and analytics. The company serves more than 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.

GrowthCurve Capital is a private equity firm focused on building businesses by leveraging data, analytics and machine learning. Combined with a comprehensive approach to human capital, GrowthCurve aims to accelerate growth and drive value creation. GrowthCurve’s investment will allow Netchex to further accelerate its AI strategy, including development of new data analytics products; support the launch of new business lines. The intention is also to expand into new markets, according to a news release.

“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,” Boudreaux said in a news release. “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 provides seamless end-to-end functionality for the end user.

Sim Allan, vice president at GrowthCurve, said Netchex is incredibly well positioned to capture the large market opportunity for leveraging software, data analytics, and AI.

"