Market Overview

Frontier Capital Completes Sale of Celergo to ADP


("Frontier") is pleased to announce the sale of Frontier
portfolio company, Celergo LLC ("Celergo"), a leading provider of global
payroll management services, to ADP® (NASDAQ:ADP).

Frontier, based in Charlotte, NC, is a leading middle-market growth
equity firm focused exclusively on software and tech-enabled business
services companies.

Founded in 2003, Celergo offers multi-country payroll in 150 countries
and combines a proprietary cloud-based technology platform with a local
provider network to enable timely, accurate, and compliant payroll. With
comprehensive solutions and an attractive financial profile, Celergo has
steadily grown its client base, geographic coverage, and partner network.

"Frontier has been a great partner for us through years of strong
growth," Celergo CEO Tim Callahan said. "The foundation of trust and
collaboration that we built with the team at Frontier paved the way for
this great strategic sale to ADP."

The multi-country payroll outsourcing market is over $3 billion today
and is growing rapidly as companies seek greater visibility of their
increasingly global workforce while working to efficiently manage the
compliance elements of multi-country payroll.

"It's amazing to think back 15 years to the founding of Celergo and
realize that this is the culmination of our vision of building a global
leader in multi-country payroll," said Michele Honomichl, Founder,
Executive Chairman & Chief Strategy Officer. "The trusting relationship
we built with our partners at Frontier and the support they offered –
both financially and strategically – were key to Celergo becoming an
industry pacesetter. Frontier understands the value of transparency, and
their culture of teamwork inspires dedication. "

"At all levels of the organization, Celergo worked as a team with
determination and hard work to build a company we are all proud of – a
leader among global payroll solutions platforms," said Richard
, Co-founder and Managing Partner at Frontier. "Tim, Michele,
and their team have been a pleasure to work with and we believe the
Celergo platform will be a huge asset for ADP going forward."

Baird acted as exclusive financial advisor to Frontier in connection
with the transaction.

About Celergo

Celergo provides the leading fully-managed international payroll
solution, offering technology-powered, service-backed capabilities that
meet the needs of companies in 150+ countries. As a pioneer in payroll
outsourcing, Celergo has managed some of the most complicated payrolls
and built an unparalleled set of competencies and expertise, along with
cloud-based software that integrates with all major HR systems. Celergo
helps clients find efficiencies, improve accuracy, reduce costs, and
minimize risk. Celergo's experienced, multilingual staff covers all time
zones and regions, delivering the highest quality service from four
operations centers in Chicago, Bogota, Budapest, and Singapore. Celergo
has met or exceeded large financial institutions data security
requirements – the most stringent in the world – and complies with OFAC,
FCPA, BCP, all data privacy, and SSAE16 policies and practices.

About Frontier Capital

Frontier Capital is a Charlotte-based growth equity firm focused
exclusively on software and technology-enabled business services
companies. Founded in 1999, Frontier partners with management teams that
can benefit from capital to accelerate growth, fund acquisitions, or
generate shareholder liquidity. The firm makes minority and majority
equity investments in high-growth companies and is currently investing
from its $700 million Fund V. For more information, please visit

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