Personio, a German startup HR Software for SMEs, has raised $270 million (233 million euros) in a financing round that has allowed it to quadruple its value to $6,300 million (5,449 million euros), making it One of the most valuable startups in Europe. The company was valued at $1.7 billion last January when it closed another round of funding, which was experiencing rapid growth.
operation, led Greenox Capital Partners, This comes at a time when HR technology has taken more prominence due to the fact that COVID-19 has changed the way teams work and are managed in companies. New investors have also participated in the financing, such as altimeter capital y alkane, and former shareholders such as Index Ventures, Accel, Meritech, Lightspeed, Northzone and Global Founders Capital.
The investment represents a significant increase in the fund reserve of the company, which will use the funds to develop its product. This Monday, the startup also announced that it is launching People Workflow Automation, a new class of software to enable HR professionals automate manual processes, which requires multiple tools and equipment, and thus integrates them into all of the company’s applications.
“We have the potential to be a world leader in HR software. We want to show that SAP is much more than [el gigante alemán del software empresarial]Hanno Rainer, the company’s founder and CEO, told Reuters on Monday. In an interview with Syncodius last July, the manager assured that he “wanted to stay in a human resource like Spotify, which is a European player on the global stage.” Is.”
Personaio was launched in 2015 and today has around 5,000 customers across Europe, compared to 3,000 in January or 4,000 in July. Spain, where it has clients such as Domino’s Pizza, Mr. Wonderful, Habitissimo, Samipata Ventures or Bluebirds, is its second country in terms of revenue after Germany.
The company provides the necessary software to its customers (usually companies with 10 to 2,000 employees). Digitize the entire employee life cycleFrom tools to recruiting, signing contracts and engaging employees remotely, payroll, vacation tracking and all part of employee development within the company. And all from one platform. But now, with People Workflow Automation, “we want to help HR teams go beyond HR,” Rainer continues.
The company notes that The pandemic has accelerated the digitization of businesses of all sizes, where SMEs use an average of 40 applications, many of which use human resource data or are related to personnel management. According to Persona, larger companies can mitigate the impact of this diversity of applications because they have their own IT teams that can manage options combining products from different software vendors, such as Workday, Service Now or uPath, and thus Type can automate their workflow. .
no resources or technical knowledge
However, most SMEs “have neither the resources nor the technical knowledge nor access to useful technology to create their own automated workflows, despite the fact that no company can have contract termination, equipment change, promotion, etc.” There are frequent changes like , relocation or sick leave, and each of them triggers a workflow,” the company continues.
Personio assures that with its new proposition it will help SMEs to manage these workflows Avoid losing opportunities due to delay. “For example, a company may lose a talent signature if the hiring manager is late in submitting a contract, or a business may be at risk if an employee leaves the company, but employees in IT may manually time off. But do not deny access to the applications,” it says.
According to the German company, the automation tools it is now adding to its platform, and which uses machine learning, provide solutions to all these issues as it automates personnel-related processes across all applications and devices. company. This is Personio’s answer to UiPath or ServiceNow for SMEs.
Rainer argues that his company still has plenty of room to grow in Europe alone, as it ensures that there are approximately 1.7 million SMEs that fit the customer profile they target and, according to their study, 60% of small and medium-sized companies do not have their human resources processes digitized. For this reason, he wants to focus on the Old Continent for the time being. Expansion into Asia, Latin America and the Americas will be long-term.
Rainer did not disclose exact data on Persona’s accounts, but in an interview with this newspaper three months ago he assured that they are doubling income every year and that they plan to do so again next year. and having a turnover of more than 100 million euros. He also indicated that they are already in profit figures of more than 10 million euros. The company does not rule out future IPOs.
Neil Mehta, Founder and Managing Partner, Greenox assures that “The launch of the People Workflow Automation category adds even more value to the business. [de Personio] in Europe. “Small companies are the backbone of the European economy, but they have long noticed that old legacy structures do not take into account many of their needs or provide the services they need. Persio democratizes companies’ capabilities and empowers them to Helps to take a leap in productivity, simplifying HR work processes throughout the employee’s life cycle”, he says.
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