The all-in-one human resources platform for SMEs person, with office in Madrid, has announced a Series E round of 270 million dollars (233M€), placing the value of the company at 5,450 million euros. This round adds to the previous round that took place in January 2021, from125 million dollars (103 million euros), supposes a significant boost in the company’s fund reserves. As the company explains, the investment will allow Personio “evolve its product to lead the People Workflow Automation category and continue to execute its long-term strategy focused on the needs of its customers.”
In addition, Personio has taken advantage of the announcement of this operation to put on the market People Workflow Automationa new category of software that enables SMBs to transform fragmented, manual HR processes involving multiple tools and teams into automated workflows.
The latter has been carried out by Greenoaks Capital Partners, with the participation of Altimeter and Alkeon Capital. The new investment will accelerate the international expansion of the german Software Company, which will help them in their ambition to become Europe’s leading HR platform for SMEs. This injection of resources comes after a year of strong business growth, in which revenues doubled despite adverse market conditions.
What is Person
Personio offers an all-in-one HR software for small and medium businesses with 10 to 2,000 employees. Its mission is to make the processes of this area as transparent and efficient as possible so that HR can focus on the company’s most valuable assets: people.
Personio software includes the HR management, recruiting, payroll and supports all core HR processes that every business needs to do. Currently, the company helps more than 3,000 SMEs across Europe by digitizing and automating personnel management tasks. Among them are Spanish firms such as Domino’s Pizza, Mr Wonderfull, Habitissimo Y bipicarvehicle subscription company. Currently the Spanish market is already the second in income for Personio, only behind Germany.
This round of financing comes just a year and a half after the company received in a round led by Accel, and which raised Personio’s total investment figure to more than 250 million dollars.
The new capital will allow Personio increase its expansion throughout Europe and focus on the development of its cloud-based software, as it builds Europe’s leading human resources operating system for recruitment, personnel management and payroll for small and medium-sized businesses.
As the company explained in January, the person plans for this year include:
- Improve product capabilities, to cover more processes that support HR teams in their daily work and streamline people management across their organizations.
- The launch of the Personio Marketplace with new integrations in the first quarter that will allow its customers to automate workflows through tools such as Slack, Microsoft Teams and other HR-related software
- Continue its growth in Germany, Austria and Switzerland, while they double the investment in the markets in which the business was successful during 2020, such as Spain and Ireland, the Nordic and Benelux countries. In 2021, the company will also enter new markets, including Italy.
- Duplicate your template in all countries from 500 to 1,000 by the end of 2021, through its four offices in Munich (HQ), Madrid, London and Dublin, where its new international sales and engineering center has been established.
Personio, which acquired the Spanish rollbox in 2019, it does not foresee any new mergers and acquisitions and the focus remains on continued strong organic growth.
Hanno Renner, co-founder and CEO of Personio: “While the past year has been difficult for many companies, at the same time it has accelerated the digitization of small and medium-sized businesses. It has also shown the important role of HR teams, especially as many of us continue to work remotely. We are grateful for a year in which we were able to grow and serve more than 3,000 European SMEs. By further developing our platform, we will continue to support our customers in meeting their current and future challenges.”
“This investment comes sooner than we had anticipated as we are still well covered by our previous round in January 2020. This strong interest and support from our investors demonstrates not only the value of the Personio offering, but also the huge potential that holds the business for further development and growth in the future. We are just scratching the surface.”
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