The HR fintech company is also unveiling new HR software to compete with rivals like Rippling — and giving it away for free.
“If we can get external investors to validate the valuation, it helps us with a lot of things,” Bouaziz said. “Having a good equity valuation helps us get more and more acquisitions done.” Deel has already used its new price to make multiple acquisitions, headlined by an $83 million purchase of Australian payroll company PayGroup. Nevertheless, Bouaziz said he likely would not have struck a deal if not for the establishing ties with Emerson because he did not need any additional cash.
We do the very hard stuff. Maybe we should also do the easier stuff instead of letting the Ripplings of the world take care of it.Bouaziz considers the challenging part of HR software to be figuring out how to operate legally in different countries. For example, he said the company spent two years in a bureaucratic quagmire before being able to launch operations in Taiwan and the Philippines.
Now, Bouaziz feels ready to corner a broader segment of the HR market, where a crop of startups are increasing butting heads as they expand their product ambitions in bids to justify lofty valuations. To start, the $12 billion company is taking on and Gusto with a new piece of software to handle domestic payroll and other simple HR demands.
We’ve raised all our rounds before at 100x. If I had looked at our revenue and growing into our valuation, I would have been shit scared.Bouaziz has ambitions to make Deel the “Apple of HR,” but will have steep competition from other well-funded companies that, like him and Conrad, are expanding their suite of offerings. Rivals could come to include spend management providers like Brex , Ramp and TripActions .
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