Palatine Private Equity has backed E-days, the employee absentee management software provider.
The deal is the second from Palatine’s Impact Fund, which closed on £100m earlier this year and invests in growth companies that also deliver a social and/or environmental impact. The deal is also the third by Palatine’s Birmingham office, which opened in December 2015.
Formed in 2005, E-days is an employee absence management tool designed to help customer organisations improve operational efficiency and reduce absenteeism. Provided through a software-as-a-service (SaaS) model, the tool manages, processes and tracks employee leave and sickness.
It is estimated that 131 million days are lost to sickness absence in the UK per annum, costing the economy £17bn.
The company has more than 175,000 users and customers in over 80 countries. The business is led by chief executive Steve Arnold.
“The E-days software helps companies to enhance employee wellbeing and improve absentee rates. By analysing staff sickness data, the software helps companies to become more responsible, as well as identifying underlying trends to pre-empt future absence,” said Palatine’s Beth Houghton, who worked on the deal with colleagues James Gregson and Tom Hustler.
Clearwater, BDO, CIL, The Quin Partnership and Gowling advised Palatine. Management was advised by Browne Jacobson. Management and vendor tax advice was provided by UHY Hacker Young.