A leading United Kingdom software and service investor has purchased a stake in Winnipeg-based workforce management company Payworks Inc.

Payworks announced its partnership with private equity firm Hg Capital on Monday. Terms of the deal were not disclosed. The partnership marks the first time in Payworks’ history the company has sought outside investment.

“We’d been bootstrapped for the last 25 years and happily doing so, but we felt the vision and values that Hg brought matched and aligned with Payworks’ current operating values,” said company president Michael Penman. “(It) seemed like a good fit to accelerate our continued growth in Canada.”

Payworks manages cloud-based services like payroll and human resources for about 45,000 customers and processes paycheques for their 950,000 em

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