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SOURCE Silver Oak Services Partners
EVANSTON, Ill., May 2, 2014 /PRNewswire/ -- Silver Oak Services Partners, a lower middle market private equity firm focused exclusively on service businesses, announced today that it has made an investment in iSystems LLC ("iSystems") in partnership with the founders and management.
iSystems, headquartered in Colchester, VT, is a leading national Software as a Service ("SaaS") provider of payroll, tax and HR management software for service bureaus including independent payroll processors, banks and CPAs. iSystems delivers payroll processing capabilities to service bureaus through its core software platform, evolution®. The Company then sells optional add-on modules around evolution®, including employee self-service, payroll manager self-service, HRIS systems, benefit enrollment, check printing, data back-up, training services, help desk support and other consulting services. With the iSystems' products providing the core processing capability, the Company's service bureau customers then sell outsourced payroll processing services into the end market. iSystems has approximately 100 licensees who in turn process payroll for roughly 75,000 small and mid-sized businesses.
Silver Oak invested alongside the founders and management in the transaction. iSystems was founded in 1998 by Mike and Des Trahan, who serve as CEO and CTO. "This transaction is a great outcome for iSystems. Our partnership with Silver Oak provides us with a value-added partner and the capital resources necessary to continue to invest in product development to better serve our service bureau licensees," said Mike Trahan, founder of iSystems. Both Mike and Des will continue in their current roles with iSystems and are retaining significant ownership stakes in the business.
Dan Gill, Managing Partner at Silver Oak, said "We are very excited to be partnering with Mike and Des Trahan, David Meagher and the entire team at iSystems and look forward to continuing to accelerate the development of the evolution® platform for its service bureau customers." Dan had previously led investments in two payroll service bureaus: Advantage Payroll Services and CompuPay.
Silver Oak invests in business, consumer and healthcare services companies in the lower middle market, typically with EBITDA of $3 million to $20 million.
Contact: Chris Tofalli
Chris Tofalli Public Relations
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