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Buzzacott provides due diligence services for Puma Private Equity’s investment into HR Duo

Corporate Finance deal announcement: Buzzacott provided financial and tax due diligence services for Puma Private Equity’s investment into HR Duo

Investor: Puma Private Equity

Seller: HR Duo

Type of deal: Series A investment

Sector: HR Tech

Value: €4.5m total investment

Date: January 2023

Overview of deal

We're delighted to have provided financial due diligence services to Puma Private Equity in relation to their investment into HR Duo. It was great to work with Henri Songeur, Jonathan Wyles, and the rest of the Puma Private Equity team, along with Charles Russell Speechlys, on the legal side.

The investment will be used to help fund HR Duo’s ambitious expansion plans, which include growing headcount in both its Irish and UK offices and taking advantage of opportunities in the UK HR Tech market.

Company background

HR Duo is a human resources technology company which integrates industry knowledge with technology to automate HR requirements. This has seen it become a popular, low-cost option for SMEs. The company services are available online as a cloud-based SaaS product, with the subscription costs based on the number of employees, making it affordable for organisations of many different sizes. 

What we liked about this deal and how we helped

It was great to work with a vibrant and fast-growing company in what is a very popular sector at the moment. We provided financial and tax due diligence services to help reduce the risks associated with the investment. A key part of our work involved developing an understanding of the various revenue streams, their profitability and the working capital cycle of the business, as well as providing an opinion on the reasonableness of the forecasts.  

The Buzzacott financial due diligence team included Alex Judd (Head of Transaction Services), George Thresh (Senior Manager), Stephen Byrne (Executive) and Ashleigh Barghuti (Analyst).

The tax due diligence team included Tony Dillow (Director) and Pav Prakash (Assistant Manager).

To see further transactions in the tech and media sector, please see our transactions page.

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