Small Business Online Payroll Software Wagepoint Announced Strategic Investment by Providence Strategic Growth

Wagepoint, makers of online payroll software for Canadian and U.S. small business, announced a majority recapitalization and strategic growth investment by funds advised by Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners, a premier asset management firm focused on the media, communications, education, software and service industries. The transaction includes more than $10 million of new capital that will be used to fuel Wagepoint's next phase of growth, including continued product innovation, scaling the go-to-market and best-in-class customer support organization, and pursuing strategic acquisitions, in order to better serve Wagepoint's small business clients across North America.