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Liz is HR Technology and Services Research Director at NelsonHall, with global responsibility for key HR research projects including Cloud-Based HR Transformation, Cloud-Based Benefits Services, HCM Technology, EoR, Global Payroll and The Future of HR, as part of NelsonHall's wider HR Technology & Services practice.
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Please visit NelsonHall's HRO Insight blog for further updates from our analysts daily
posted on Nov 24, 2015 by Gary Bragar
Last week, Northgate Information Solutions, the holding company of NGA HR, announced that it has reached agreement with its shareholders and lenders regarding a new capital structure to reduce its debt and enable a faster path to growth. The new structure includes full debt-for-equity swap of the subordinated debt, and full pay down of existing senior debt (using the proceeds from the Northgate Public Services sale in December 2014 combined with £320m of new senior debt underwritten by the Investment Banking Division of Goldman Sachs and The Royal Bank of Scotland).
As a result, the merchant banking division of Goldman Sachs and funds advised by Park Square Capital will become the primary shareholders, owning 95% of the business. Until the transaction is approved (expected in early Q1 2016), KKR will keep 100% ownership and then retain 5%.
Adel Al-Saleh, NGA HR and Northgate Information Solutions CEO, confirmed that over the past four years, the company has been “on a journey to streamline our portfolio, which included selling the Northgate Managed Services and Northgate Public Services businesses, and building strong foundations to grow NGA Human Resources.”
An area of growth announced in June 2014 is enhanced multi-country payroll capabilities via its Payroll Exchange, which connects cloud-based HRMSs including Workday, SuccessFactors, SAP, euHReka, Oracle, and PeopleSoft with NGA’s managed or comprehensive payroll services – which can be provided in 145 countries. Around fifteen clients supporting ~250,000 employees are being scheduled for deployment with these technologies between H1 2015 and H2 2019, and several more clients are in the pipeline. New client industries now using Payroll Exchange include pharma, transportation, food and beverage, financial services, and consumer services.
NGA HR’s strategic priorities in support of growth include:
NelsonHall believes the outlook for growth at NGA HR is very positive, as it has been making the right investments to quickly deploy and integrate HR solutions in the cloud (including HR Cloud Accelerators, announced Q4 2015). Plus, NGA HR has been enhancing its multi-country payroll capabilities via the Payroll Exchange, and is one of only a few companies that can deliver payroll and HR globally, via on-premise and cloud technology service and/or BPO and BPaaS payroll & HR outsourcing focused on workforce administration.