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An Iconic Match: ICon and Serent Join Forces
[February 23, 2015]

An Iconic Match: ICon and Serent Join Forces


Over the last several years, ICon's commitment to delivering exceptional value to its clients has been rewarded with strong growth. As ICon looks to the future, its goal remains to continue to innovate and deliver even more value to clients, which include today some of the most prestigious and forward-thinking companies in the country. With that objective in mind, it gives ICon great pleasure to announce that Serent Capital will be partnering with ICon in the next phase of the company evolution. This partnership will enable ICon to continue to expand and strengthen the value delivered to its customers through innovative software and industry-leading services.

Serent Capital, is a principles-driven organization made up of highly capable individuals, who have experience as CEOs, strategic advisors, and board members for successful, growing companies. Serent selectively invests in rapidly growing, profitable tech-enabled service businesses with distinct business models, and strong management teams. Their desire to invest in ICon stems from their conviction that Serent Capital delivers exceptionally compelling value to its clients. ICon believes the best years are still ahead and that enhancing its ability to serve the needs of clients by providing additional capabilities and services is fundamental to future success.

Founder and CEO, Patricia Griffin will remain a shareholder and later this year will transition from CEO to Innovator and Client Advocate. Griffin adds, "I will ensure that ICon will continue to focus on providing solutions that protect our clients from the risks and consequences of misclassifying their independent workforce. Independent Contractors are outgrowing traditional "temps" by three to one in the new workforce and this trend will change the way employers will access andstructure their much-needed talent. It will be more critical than ever to meet taxing authority guidelines to avoid costly fines and penalties. Our iConnect® system will continue to provide that security by navigating the ambiguous State and Federal Regulations to keep our clients safe and productive."



Serent Capital first contacted the company through its pursuit of an investment theme in tech-enabled HR outsourcing services. "ICon has established itself as the premier provider of contingent workforce management solutions, a rapidly growing sector as large- and mid-sized companies increasingly face compliance and logistical challenges with their contingent workforces," said David Kennedy, co-founder and General Partner of Serent Capital. "ICon's best-in-class technology and domain expertise, married with their extraordinary commitment to customer service, have resulted in glowing client satisfaction and exceptional growth."

Dana Shaw will transition from her current role as Chief Operating Officer to President, continuing to lead her team and overseeing a broad set of strategic and operational efforts. "In the 20 years I have spent working in and advising for contingent labor, I have never seen two brighter organizations coming together. Serent's growth capital and deep business building experience will help us turbo-charge our niche solution to become a household name in independent contractor compliance and professional payroll services."


About ICon Professional Services

ICon is a leading provider of Contingent Workforce Management solutions, which include 1099 contractor compliance, payroll and benefits administration. Since 1997, ICon has applied experience, technology, and process execution to create solutions that deliver on the promise of an independent workforce by expertly navigating the complexity of government compliance. Our award-winning iConnect® technology platform remains at the forefront of the industry and provides powerful competitive advantages in terms of cost and performance. This technological advantage, along with our dedication to providing superior customer service, has earned ICon a long list of awards and satisfied customers. For additional information, visit www.gotoicon.com.

About Serent Capital

Serent Capital, a leading San Francisco-based private equity firm which invests in great businesses that are already successful, delivers compelling solutions that address their customers' needs. As those businesses grow and evolve the opportunities and challenges that they face change continually. Serent understands the challenges and uses their principals' experiences, including roles as CEOs, strategic advisors, and board members, to help successful, growing businesses. By bringing experience and capital to bear: we help growing businesses thrive. For additional information, visit www.serentcapital.com.


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