Palatine Private Equity has invested in Nottingham-headquartered E-days, a provider of employee absentee management software which has more than 175,000 users in more than 80 countries worldwide. The deal is the third in the Midlands since Palatine opened its Birmingham office.
This is the second deal from Palatine Private Equity’s Impact Fund, a £100m investment vehicle targeting growth companies that also deliver a positive social and/or environmental impact.
Formed in 2005, E-days is an employee absence management tool designed to help customer organisations improve operational efficiency and reduce absenteeism.
Provided through a software as a service (SaaS) model, the tool manages, processes and tracks employee leave and sickness, providing absence analytics to help managers deliver efficiency gains across their organisation.
The deal was led by partner and head of the impact fund Beth Houghton and investment director James Gregson, with support from investment manager Tom Hustler.
Both Houghton and Gregson will join the e-days board as the business looks to develop its employee wellbeing offering.
Steve Arnold, chief executive at E-days, said: “The Palatine investment will help us accelerate our market penetration, whilst continuing to enhance the product offering for the benefit of our customers and their employees.”
Beth Houghton, partner at Palatine Impact, said: “E-days is exactly the type of business we set out to support with our new Impact Fund, and we look forward to working alongside the management team in the coming months.”
Browne Jacobson acted on this deal while Carl Houghton and Richard Ellis from Clearwater International advised on the transaction.
Chris Heatlie and Rob Dawes at BDO provided financial due diligence, while Tom Fletcher and Mike Hallett of CIL provided commercial due diligence and Mike Stiles of The Quinn Partnership provided management due diligence.
Legal advice for Palatine came from Ragi Singh, Victoria Pearson and Stephen Bowman at Gowling in Birmingham, while Mark Hughes from Browne Jacobson advised management. Management and vendor tax advice was provided by Simon Browning at UHY Hacker Young.