Munich (ots) – Personio, Europe’s leading provider of HR software for small and medium-sized enterprises (SMEs), today announced the planned second closing of its Series E financing round, increasing the capital raised in October 2021 by an additional $200 million to a total of $470 million. The company’s valuation increased to $8.5 billion at the same time. Personio is thus one of the fastest-growing and most valuable software startups in the world.
The renewed round of financing is led by existing investor Greenoaks, which is thus providing sustained support for Personio’s ambitious goal of digitizing HR processes for small and medium-sized companies in Europe. The investment follows a very successful business performance with sustained annual growth, great expansion potential and a resilient business model that benefits SMEs even in economically uncertain times.
The additional capital will further advance the development of People Workflow Automation, Personio’s vision for automating HR processes across teams and applications. Great progress has already been made in advancing an HR solution that meets today’s needs while preparing for the future. One billion data updates have already been automated for Personio customers, freeing HR teams from time-consuming manual tasks. In addition, Personio recently announced the acquisition of Back, an Employee Experience solution that automates key HR processes. Back’s team has extensive experience in developing workflows that span fragmented systems and offers a dedicated ticketing and knowledge management service that increases the efficiency of HR teams.
In addition, Personio customers can now leverage more than 100 integrated applications and API interfaces, as well as new features developed by Personio to automate and monitor workflows. This minimizes manual effort for tasks such as recruiting, data analytics, or time tracking, and improves HR across the entire employee lifecycle. This allows HR teams to focus on more important strategic tasks, reducing costs and increasing efficiency.
Neil Mehta, Founder and Managing Partner of Greenoaks Capital, said, “Personio’s product has become an indispensable tool for small and medium-sized businesses in Europe that are just recovering from the challenges of the pandemic. With the potential economic uncertainties facing SMEs, Personio as a platform is more important than ever, helping customers to make their HR processes more efficient and resilient, and in the process, delighting employees:employees and employers:employees alike. We believe Personio is one of the world’s best SaaS companies with its rapid growth, sustainable business model and exceptional leadership team. We are very excited to continue working with Hanno and his team and to continue our journey together for many years to come.”
Hanno Renner, Co-Founder and CEO of Personio: “Our customers are the reason for everything we do. Creating sustainable value for them therefore remains our top priority. We decided to raise this additional round of funding because we see many more opportunities to invest in our product to provide even more value to companies. All product enhancements will be integrated with People Workflow Automation, enabling our customers to automate any work process along the employee lifecycle – from promotions to relocation to leave requests. With a continued strong focus on this strategy, we expect to continue our strong growth trajectory and accelerate it in 2022 and 2023. Our focus is always on providing our customers with an outstanding service that makes their business more efficient.”
More than 6,000 companies with over 500,000 employees across a wide range of industries already automate their HR processes with Personio, including tech companies such as Share Now and ABOUT YOU, established mid-sized companies such as Heidelberg Engineering and Lautsprecher Teufel, and NGOs and public sector companies such as the UN Refugee Agency and the municipality of Haar. Personio’s customers are companies with 10 to 2,000 employees, with the strongest growth coming from companies with 200 to 2,000 employees, who particularly value the configurability and functional depth of the platform.
Personio continues to expand its core HR management system to cover additional aspects of the employee lifecycle. Most recently, Personio launched its new Performance and Development solution, which enables organizations to better develop their employees, reward them fairly and maximize overall performance. In May, the software company also announced the opening of additional offices in Berlin and Barcelona.
For more information, visit www.personio.de.
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