Rippling, a workforce management platform, announced that it has raised new funding worth $450 million and signed an agreement to repurchase shares worth up to $200 million from the current and former employees.
The new financing received by the San Francisco-based company includes investments from Elad Gil, Sands Capital, GIC, Growth Equity at Goldman Sachs Alternatives, Baillie Gifford, and Y Combinator. The brand’s existing investors also participated in this process.
After receiving the financing, the company’s market capitalization reached $16.8 billion.
Currently, the firm offers consumers more than two dozen products. These products are intended for use in HR, IT, and Spend areas. The solutions that Rippling offers consumers access to enable them to solve a variety of tasks, including those related to payroll and benefits, SSO, and identity management.
The company stated that the received financing will allow it to realize its intentions to expand into new markets. It was also noted that part of these investments will be used to achieve goals related to the improvement of existing products and the development of new ones.
Rippling adheres to the statement that employee data is of great importance for a huge number of business systems, which, among other things, operate outside the areas of HR, IT, and finance. At the same time, it is difficult for companies to maintain the reliability of relevant information, since it is fragmented in several disparate databases. Rippling solves the corresponding problem by automating all stages of the employee lifecycle on a single platform.
As we have reported earlier, Agree.com Raises Investments to Combine Payments and e-Signatures.
