Rippling, the workforce management platform that unifies HR, IT, finance, and more, announced on Monday, April 22, that it has managed to raise new funding for $200 million.
The mentioned firm also signed an equity repurchase agreement worth up to $590 million with investors. The securities will be repurchased from both the current and former employees of the company and early investors.
Coatue, Founders Fund, and Greenoaks participated in the round of Series F financing. Some other existing investors have also joined this process. Dragoneer participated in the financing round as a new investor.
The company’s official press release notes that its value currently stands at $13.5 billion.
In a press release, the firm also expressed gratitude to investors for their conviction in Rippling. Moreover, the company separately thanked the employees whose work led to the current result. Besides, thanks were expressed to Rippling’s customers.
The press release notes that the company’s main thesis is that employee data is crucial for a large number of business systems, including those that are far beyond the human resources department. Maintaining the same information of the mentioned category in all disconnected arrays of relevant content, in fact, separate databases is the reason that firms need to work hard to have many different business systems in the first place. Rippling solves this problem. The company provides other firms and employees with a single place to make changes, which are then automatically propagated across all systems. In this case, time is saved. Rippling claims that the system that solves the mentioned problem will become an essential element of business software in the future.
The company’s press release notes that products developed based on an extensive array of data about organizations, employees, their devices and apps are easier to manage. Also, these solutions are better as software products. This advantage is provided by more intelligent workflows and approvals, and more advanced role-based policies and permissions. Moreover, in this case, offers more powerful analytics.
Rippling claims that its system helps companies operate more efficiently and achieve business goals faster than competitors. The firm intends to continue expanding into new markets and actively invest in research and development. Rippling expects that the related efforts will improve the current offering and help design products to support customers.
As we have reported earlier, Wagestream Raises $21.8 Million.
