The technology arm of global alternative asset manager Investcorp is acquiring a majority stake in payroll-as-a-service provider Veda GMBH.

The terms of the transaction were not disclosed.

Headquartered in Alsdorf, Germany, with approximately 170 employees, Veda provides a platform solution for digital HR management, including payroll, time and security, recruiting, personnel development and learning management. The Company has approximately 1,200 customers.

Veda's CEO Ralf Graessler will continue to remain invested in the company alongside Investcorp Technology Partners (ITP).

"We were impressed by the quality of Veda’s products and go-to-market strategy, and we see incredible opportunities to support the Company as it helps more SMEs move their mission-critical HR services to the cloud," Georg Knoflach, Managing Director at ITP, said in a statement.

The transaction is expected to close in Q1 2024, subject to customary closing conditions.

(Reporting by Seban Scaria; editing by Daniel Luiz)
(seban.scaria@lseg.com)