IMMEDIS, A DIVISION of one of Ireland’s biggest companies, Terry Clune’s Taxback Group, has acquired US firm Expaticore in a $10 million deal.
The firm said that it now expects to expand overseas and create 150 jobs over the next three years. It is expected that most of the new jobs will be in Ireland.
The Taxback Group provides a range of financial services, specialising in tax refunds and returns.
Based in Dublin, the company is estimated to have turnover of about €200 million and employs almost 1,000 people in 33 offices around the world.
Clune still owns the firm and his stake in the group has made him one of Ireland’s richest men. The Sunday Independent recently estimated that he has a net worth of €280 million.
Taxback rebranded one of its divisions as Immedis towards the end of last year.
Immedis deals with multi-country payroll and tax obligations for large companies. It currently employs 35 people in Dublin.
Expaticore is also in the international payroll industry. The firm employs 35 people and is based in New Jersey.
Immedis said that the acquisition “is set to strengthen its capabilities in the US and globally, (and will) bring more benefit to clients worldwide”.
“It is hoped that the majority of the 150 jobs will be created in Ireland,” a spokesman said.
Immedis’s current client list includes the likes of Airbus, ESB International and Lifes2Good. Expaticore’s clients include the likes of the Clinton Foundation and Harvard Business School.
Immedis executive director Ruairi Kelleher said that the company “sees real potential for the services we offer in the US market and are delighted to welcome our colleagues at Expaticore on board”.
“There are clear synergies between the two businesses including our existing technology and tax expertise and their expertise on international payroll,” he said.
“There is little doubt that this level of expertise along network in the US will be extremely beneficial to Immedis and to our clients.”
Expaticore president and founder David Leboff claimed that the deal is “the most important development in the global payroll industry in years”.