Ascentis Closes Majority Recapitalization with Summit Partners
Summary
Ascentis Corporation, a San Mateo, CA-based provider of human capital management (HCM) solutions and integrated payroll services, closed a majority recapitalization with global growth equity investor Summit Partners.In conjunction with the deal, J.P. Sanday, Summit Partners Vice President, Peter Rottier, a Managing Director with Summit Partners, and Len Ferrington, a Managing Director with Summit Partners, have joined the Ascentis Board of Directors.The funding will be used to accelerate product innovation and drive new growth initiatives.Led by newly appointed CEO Brian Provost, an Executive-in-Residence with Summit Partners and a software industry veteran with more than 20 years of executive experience, Ascentis Corporation offers human capital management recruiting, HRIS, talent management, online payroll, and time and attendance solutions, automates critical HR and payroll processes such as full-scale benefits management, compliance, online open enrollment, workforce management, real-time payroll processing, tax filing, applicant tracking, employee and manager self-service and reporting.Ascentis currently serves more than 1,000 customers throughout the U.S. and Canada.