Payroll software developer Immedis has been valued at $575m after it raised $50m in additional funding.

The money will be used to support global growth, as well as the opening of new office to serve the clients in the US and the Asia Pacific regions.

"This is an incredibly exciting time for Immedis, our customers, our partners and our employees," said Ruairi Kelleher, Immedis CEO.

"Immedis is redefining how organizations are managing global payroll through service and technology. What they have achieved to date is exceptional.

Immedis was originally established as a specialist division of The Taxback Group, the global financial services group founded in 1996 by entrepreneur Terry Clune.

Immedis later launched as its own brand in 2016.

The round was led by New York and California based investment fund, Lead Edge Capital.

It is 18 months since the last investment round by Immedis, which was led by Scottish Equity Partners.

The company counts among its customers ServiceNow, Uber and Nutanix.

Its technology is used to process payroll in over 150 countries.