SD Worx, the leading European HR and Payroll solutions provider, is delighted to welcome CVC Strategic Opportunities II as a new partner and minority shareholder. WorxInvest, the current shareholder of SD Worx, remains the majority shareholder and will keep 77.5 % of SD Worx. The additional capital generated by the transaction will be invested to accelerate the execution of SD Worx' European growth plans.
“We are convinced that this partnership will help SD Worx further solidify its leading position in the European HR services and software industry. In our long journey, we have moved from a Belgian domestic player to a European leader, present in 26 countries. In CVC, we have found a strong financial partner endorsing our strategy of organic growth and further international expansion. CVC’s complimentary experience will be important in helping us to achieve our European growth ambition, with WorxInvest as long-term majority shareholder”, says Filip Dierckx, chairman of the Board of Directors of SD Worx.
Headquartered in Antwerp, Belgium, SD Worx is the largest European provider of payroll and HR solutions, offering more than 82,000 clients across 26 countries, user-friendly and smart solutions for their more than five million employees.
“We are delighted to be welcoming CVC as our new partner at SD Worx. They provide us access to both operational and financial resources and we will further develop by leveraging their expertise. SD Worx has grown over the last years to a European end-to-end payroll & HR solutions provider. This expansion was only possible thanks to the incredible hard work and expertise delivered by all SD Worx colleagues and the trust of our valued customers, small and large, local and international, active across sectors. With CVC on board we will have even more capacity to further invest in our solutions and to further boost our customer experience", says Kobe Verdonck, CEO of SD Worx.
We are delighted to be partnering with WorxInvest, and the talented SD Worx teams to accelerate the growth of SD Worx in the years to come.Steven Buyse
“We have been following SD Worx progress for some time and have been impressed by the business’ development and organic growth trajectory, and we are delighted to be partnering with WorxInvest, and the talented SD Worx teams to accelerate the growth of SD Worx in the years to come. CVC has a truly global reach and a broad experience of backing similar businesses in the space and we will be pleased to use all of these resources and experience to help SD Worx execute on its growth strategy”, says Steven Buyse, a Managing Partner at CVC.
“SD Worx is ideally suited to CVC’s Strategic Opportunities platform, which specializes in backing leading companies with robust business models in stable markets that have long term growth ambitions”, adds Michael Lavrysen, a Partner at CVC.
The transaction is expected to close in the coming months subject to obtaining regulatory approvals.
WorxInvest and SD Worx were advised by Morgen Stanley, Belfius as their exclusive financial advisors. Freshfields Bruckhaus Deringer acted as their legal advisor. CVC was advised by Kumulus Partners, BNP Paribas Fortis, EY and Allen & Overy.
Financial terms of the transaction are not disclosed.