Globalization Partners raises $200m to extend reach into 'virtually untapped' remote HR market
HR tech firm Globalization Partners has raised $200 million as part of a capital raise led by Vista Credit Partners, a credit and financing firm for the enterprise IT market.
The investment boosts Globalization Partners' market value to $4.2 billion. The company brings in approximately $1 billion in annual recurring revenue, putting the company in good stead for future growth.
The company will put the $200 million to use by expanding its market share in the global remote employment market - a market the company describes as ‘virtually untapped' and worth $176 billion globally.
Globalization Partners founder and chief executive officer Nicole Sahin believes the company is positioned to capitalise on the ‘massive' opportunity ahead, acknowledging the company's ‘pioneering' role in the HR tech space.
Sahin also points to the company's use of artificial intelligence and best-in-class technology, which works alongside the company's HR, legal, and customer service staff.
Vista Credit Partners president David Flannery comments, “Globalization Partners' journey in transforming the remote work industry has been truly remarkable. As a customer of G-P, at both Vista and within our broader portfolios, we have witnessed firsthand their best-in-class legal compliance, the quality of the user experience, and the deep expertise and support they provide.
“Vista Credit Partners is proud to offer capital solutions to founders of innovative software companies. We look forward to partnering with Nicole and the entire G-P team as they look to further capitalise on the untapped global market and expand their platform to new customers in new markets.
Globalization Partners president Bob Cahill adds that the company has poured hundreds of millions of dollars worth of investment into its global presence and technology platforms.
“With Vista as our investment partner, we will be able to drive further growth and continue building innovative products to meet the increasing needs of our customers at scale.
Late last year, Cahill was promoted to his role as president after working as the company's chief financial officer.
Cahill said at the time of his appointment, “We have a tremendous opportunity in front of us as we scale our team to meet the rapidly growing demand for our global employment platform. We are transforming the way companies hire talent, and I look forward to working alongside Nicole and leading our C-suite as we execute on our accelerated growth strategy.
Globalization Partners' customers include CoinDesk, Chime, and many other. Partners include ADP TotalSource, Global Chamber, London - partners, and others.