*Adam Coleman.
LAHINCH-based software company, HRLocker has been acquired by the UK’s Invincible Software Holdings (ISH) Group.
Founded in 2014 by Adam Coleman and John Dennehy, HRLocker offers a digital HR information system that manages the employee life cycle, including GDPR-compliant employee databases, time management, performance management, and HR and payroll reporting.
Exact figures on the acquisition have not been disclosed but the deal is understood to be a seven-figure sum.
Following on from the negotiations, CEO Adam will leave the business he created and current Chief Operating Officer Crystel Robbins Rynne will now be responsible for the leadership of the company.
In a statement, Adam said, “We are thrilled to announce that HRLocker has been acquired by Invincible Software Holdings (ISH). My journey with HRLocker finishes here but I am delighted that Crystel Robbins Rynne will be taking on the role of CEO. It’s been a great journey but the HRLocker journey is only still in its early stages, and I wish the team and ISH the best for the future in fun and achievement”.
Galway born Adam moved to Lahinch after leaving a role in London where he worked as Head of HR with 02. He took the Irish operation of O2 from 20 to 800 people before having a reverse role in Britain, reducing staff from 3,500 to 1,500.
He co-founded HRLocker with John Dennehy and bought out his partner in 2013. The cloud-based company went from 60 customers to more than 500, with 60 per cent in Ireland, 30 per cent in Britain, and the rest spread around the world
Coleman had previously expressed the view that HRLocker will reach a valuation of €64m. He had set himself a deadline of 21st September 2025 to begin the process of exiting his role by 21st September 2027, a target which he achieved.
Crystal pointed to the background of ISH’s founders in software as a service (SaaS) businesses, which will allow companies to cut costs by effectively renting such software rather than buying applications which can quickly become obsolete. “It’s giving us an opportunity to learn from the other companies in the group. We are at a growth phase. “The ISH company founders have come from growing SaaS companies. So as well as being part of a bigger group and learning from the other companies in the group, it’s also having the ISH leadership, to bring that to the next stage, because they’ve kind of been there and done it before”.
Initial focus is on growth and HR Locker becoming a leader within the Irish market, she outlined. ISH’s portfolio already includes Jobtoolz, Homerun, Hirehive and Staff Squared.
Co-founder and managing partner of ISH, Adam Reynolds stated, “HRLocker’s commitment to supporting SMEs and its robust HRIS platform make it an excellent addition to our portfolio. With Crystel stepping into the CEO role, we’re confident in HRLocker’s continued success and in our shared vision for empowering businesses to attract, manage, and develop their talent”. ISH is backed by Mr Reynolds, Michael Richards and Strada Partners. It was founded to build a portfolio of SaaS companies, investing early and providing support to teams.
In January 2021, HRLocker announced plans to double its workforce with the creation of fifty jobs, a major turnaround on recession times when it was reduced to just two employees.
