Eurazeo Croissance Makes Third La French Tech Investment and Takes Stake in PeopleDoc, a Leading Provider of Cloud-Based HR Delivery Systems in Europe and the United States

Eurazeo has announced the acquisition, through Eurazeo Croissance, of a minority investment in PeopleDoc, the leading provider of cloud-based human resources (HR) service delivery solutions. Eurazeo Croissance invested USD 19 million of the USD 28 million share capital along with the company’s existing investors Accel Partners, Kernel Investissements and Alven Capital. PeopleDoc will use the funding to accelerate its expansion in the United States and its further growth in Europe, particularly by targeting new countries.

Created in 2007, PeopleDoc is a pioneer in HR software-as-a-service (Saas). In 2009, the publisher launched its first-ever secure cloud-based HR service delivery solution for enterprise companies and their employees. This also marked the beginning of HR service outsourcing and the digitalization of paychecks. Leveraging its innovative technology and responsiveness to client needs, PeopleDoc rapidly became a leading expert in the HR digital transformation of companies.

Today, its cloud-based technology automates and invigorates all HR administrative processes. PeopleDoc has helped more than 400 clients derive more value in terms of productivity, security and by reducing their environmental footprint, including major companies such as Natixis, American Express, Auchan and Alten.

Located in France and the United States, the company has approximately 100 employees. During the last three years, PeopleDoc has enjoyed remarkable growth, doubling its revenue each year. This growth accelerated in the last 18 months, with the signature of 150 new clients and a fourfold increase in revenue.

Virginie Morgon, Eurazeo Deputy CEO, stated: "We were attracted by the ingenuity and simplicity of the PeopleDoc solutions, as well as by the dynamism and agility of the company. Its managers have simultaneously established footholds in Europe and the United States, in rapidly growing HR technology sectors. With this investment, we are proud to be able to say that Eurazeo Croissance has this year helped finance three of the most promising companies of La French Tech.”

"We are delighted to accompany PeopleDoc, a French gem that has successfully exported its solutions to the United States and we look forward to contributing to its development,” added Yann-Hervé du Rusquec, Head of Eurazeo Croissance.

Jonathan Benhamou, Chairman and co-founder of PeopleDoc, commented: "PeopleDoc is currently at a turning point in its history. Our innovative digital solutions have already transformed the relationship between employees and their HR departments. This fund raising and Eurazeo’s support will provide us with the means to accelerate our international growth, invest in the user experience and serve more clients on a global scale.”

• About Eurazeo Croissance

Eurazeo Croissance identifies and accompanies fast-growing companies, primarily from sectors driven by digital transformation and focusing on changes in lifestyle and consumption. Eurazeo Croissance invests as a minority shareholder, with an initial investment ticket of around €15 million to €20 million, through capital increases providing companies with the resources needed to fulfil their development ambitions. In addition to its financial support, Eurazeo Croissance contributes its investment company expertise and extensive international network to partner management’s long-term business vision.

• About Eurazeo

With a diversified portfolio of more than 5 billion euros in assets, Eurazeo is one of the leading listed investment companies in Europe. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The Company covers most private equity segments through its four business divisions – Eurazeo Capital, Eurazeo Croissance, Eurazeo PME and Eurazeo Patrimoine. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo is notably either a majority or key shareholder in Accor, ANF Immobilier, Asmodee, Desigual, Elis, Europcar, Foncia, Moncler, and Prêt d’Union, Vestiare Collective, I-Pulse and IES Synergy through Eurazeo Croissance, as well as Dessange International, Léon de Bruxelles and Colisée Patrimoine through Eurazeo PME.

Eurazeo is listed on NYSE Euronext Paris.

ISIN: FR0000121121 - Bloomberg: RF FP - Reuters: EURA.PA

For more information, please visit the Group’s website: www.eurazeo.com

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