Palo Alto, CA – June 20, 2014
Transaction provides capital resources to accelerate development of Evolution Payroll Software
Woodside Capital Partners International LLC, a global, independent investment bank, announces it acted as the exclusive financial advisor to iSystems LLC, 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, in its acquisition by Silver Oak Services Partners, a lower middle market private equity firm focused exclusively on service businesses. The financial terms of the transaction were not disclosed.
iSystems LLC is the creator of Evolution Payroll Software, a robust, reliable and secure payroll software solution that gives users the flexibility to handle clients of all size and complexity level. Backed by over 14 years of ongoing research and development, their fully integrated Evolution® Payroll, HR, and Tax Management software provides payroll service providers the tools to maintain strict control of their finances and to efficiently manage their day-to-day operations.
“This acquisition provides us the capital resources necessary to continue to invest in product development and to accelerate the development of the Evolution platform to better serve our service bureau licensees,” said Mike Trahan, founder of iSystems. “Woodside Capital Partners provided the senior level expertise and connections we needed to complete this important transaction.”
About iSystems LLC
iSystems LLC, the creator of Evolution Payroll Software, is the leading software innovator serving the independent payroll service bureau community. 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. For more information about Evolution Payroll Software, please visit www.evolutionpayroll.com.
About Woodside Capital Partners
Woodside Capital Partners is a global, independent investment bank that delivers world-class strategic and financial advice to emerging growth companies in the technology and life sciences sectors. With a strong track record in M&A, strategic partnerships and private placements, Woodside Capital Partners has been providing worldwide investment banking services since 2001 with leading domain experience in software, Internet services, electronic communications and materials, and healthcare. The team of Woodside Capital Partners has completed transactions totaling more than $10 billion. Woodside Capital Partners is the Silicon Valley headquarters of M&A International, the world’s leading mergers and acquisitions alliance. Securities offered through Woodside Capital Securities LLC, member FINRA/SIPC. For more information, please visit www.woodsidecap.com.
Press Release Contact:
Tricia Salinero
Woodside Capital Partners International LLC
(650) 513-2758