GCA Altium is now part of Houlihan Lokey

Transaction Details

January 18, 2021
Manchester, New York



Deal Type


Deal Team

Adrian Reed, Rupert Sadler, Dominic Orsini, Matthew Furness, Durgesh Panchani, Emma Hothersall

GCA Altium advises CIPHR on its majority investment from ECI Partners

GCA Altium acted as advisor to the shareholders of CIPHR, a leading UK provider of HCM software solutions and a portfolio company of LDC, on a majority investment from ECI Partners.

Marlow-based CIPHR is a specialist provider of SaaS HR, payroll, recruitment and learning software which connects businesses with their employees via an online platform, CIPHR Connect.

The business’ marketplace offering allows its proprietary HR software to be integrated with customers’ existing tools, taking the strain out of HR admin and improving data accuracy. CIPHR supports 300,000 employees across 50 countries globally, with customers including the Met Office, Natural History Museum and Volkswagen.

ECI Partners, the leading growth-focused mid-market private equity firm, has invested in CIPHR, supporting the company in accelerating its ambitious growth and development plans.

The transaction provides an exit for LDC who invested in CIPHR in 2016. During its partnership with LDC, CIPHR invested in product development and completed four strategic acquisitions, expanding CIPHR’s offering beyond HR to also include recruitment, learning and payroll solutions through the CIPHR Connect HCM platform. Between 2016 and 2020 CIPHR invested heavily, doubling its headcount, driving a compound annual revenue growth of over 25%.

Chris Berry, CEO of CIPHR, commented on the transaction, saying: “Our relationship with LDC has been extremely successful, not just in terms of financial growth, but also the development of our offering to meet the needs of our customers. We’re absolutely delighted to be working with ECI as our investment partner for the next stage in CIPHR’s journey. Through our people management platform, CIPHR Connect, we have established ourselves as the UK’s leading mid-market provider of SaaS HCM for organisations who want to integrate their people management software with other, best-of-breed technologies. We have ambitious plans to develop new solutions, broaden our partner offering, cultivate and expand our team of outstanding people, and continue to deliver exceptional products and services that help our customers to manage the entire employee lifecycle more effectively. Our partnership with ECI will help CIPHR to realise these goals.”

Adrian Reed, Managing Director at GCA Altium, commented: “It has been an absolute pleasure working with Chris, LDC and all of the CIPHR team. The CIPHR Connect HR platform allows companies to materially improve their interactions with their employees, which is particularly important in these difficult times. We look forward to watching the continued development of CIPHR’s product offering under their new partnership with ECI.”

GCA has completed more than 75 technology related transactions over the last 12 months, following a particularly active Q3/4 in the sector. The CIPHR deal is our fourth HCM software transaction over the past year following Interactive Services, Social Chorus and Mitrefinch.


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