News | January 14, 2021

Accel-KKR Makes Majority Growth Investment In Endalia, A Leader In HCM And Payroll Software For Mid-Market Businesses In Spain

Investment to Accelerate Company’s Growth and Catalyze M&A Expansion Opportunities

Endalia, a leading human capital management (“HCM”) and payroll SaaS software provider to mid-market businesses in Spain, today announced that it has received a majority growth investment from Accel-KKR, a leading global software-focused investment firm headquartered in Silicon Valley.

The investment marks Accel-KKR’s first platform investment in Spain, second investment overall in the country and 52nd investment in the EMEA region since 2013 when it established a European presence, making Accel-KKR one of the most active software private equity firms in Europe. As one of the most active private investors in software, Accel-KKR closed 42 investments and acquisitions in 2020.

Endalia is one of the only fully integrated, cloud-based HCM and payroll solutions targeting medium and enterprise businesses in the Spanish market. The company offers 15 different HCM modules including benefits administration, compensation, org structure management, travel and entertainment, training, workflow management, and internal communication that are fully integrated with payroll, providing an end-to-end HCM solution for companies in the Spanish market.

“Taking a moment to reflect on the past, we are very satisfied with how far Endalia has come and what we’ve achieved together. We are grateful to everyone who has contributed to the development of Endalia and who has helped us get here. We especially want to thank our customers for their trust, which has driven us to improve every day,” said Fernando Cortes, founder and CEO of Endalia. “The entire Endalia team is enthusiastic to begin a new phase, hand in hand with Accel-KKR, to grow, invest, and innovate. We are very excited to accelerate the development of our technology and products so that our clients have the best solutions in the market for the digital transformation of their Human Capital Management and Payroll workflows.”

“Spain is a highly complex market for payroll providers with intricate laws and different regulations throughout various regions in the country,” said Tom Barnds, Co-Managing Partner of Accel-KKR. “We are excited to partner with Endalia to continue providing the tools, products and resources that clients need to navigate the complex Spanish HCM and Payroll landscape.”

“Fernando and the entire Endalia team have succeeded building a user-friendly, mission-critical HR SaaS solution to effortlessly manage HR administration across Spain,” said Phil Cunningham, Operating Executive at Accel-KKR and Board Member of Endalia. “We are excited to partner with Fernando to continue to invest in providing a best-in-class HR SaaS solution to accelerate growth and bring continued innovation to the Spanish HR space for many years to come.”

Accel-KKR partnered with Santander and Tresmares Capital on the financing for this investment.

Cuatrecasas, Morales & Besa and Brodies LLP served as legal advisors to Accel-KKR. Norgestion served as M&A and legal advisors to the sellers.

Source: Accel-KKR