Employment Hero acquires KeyPay
This transforms Employment Hero into a unicorn.
Why You Should Care
A new unicorn has emerged.
Discover Employment Hero's strategy and why it has acquired KeyPay.
Every little tech start-up dreams of growing up to be a unicorn. This dream is increasingly a reality in the HR technology space, and Employment Hero has now got its billion-dollar valuation.
The HR payroll and benefits platform has closed a £96 million funding round, led by return investor SEEK Investments with participation from OneVentures, AirTree Ventures, and other shareholders.
The funds will undoubtedly replenish the finances of the unicorn as it has just splashed out on the acquisition of KeyPay.
KeyPay is a workforce management and payroll solution, and Employment Hero now has big plans for its extra cash and new product.
Employment Hero’s investment
Despite the acquisition, KeyPay will remain independent of Employment Hero and receive ongoing investment to grow its teams.
Additionally, Employment Hero will leverage this acquisition to offer a suite of total employment management solutions that covers talent solutions, core HR, payroll, and eBenefits.
The investment will be used to grow Employment Hero’s team, market presence, and product offering.
Employment Hero now has over 12,000 small and medium-sized enterprise (SME) customers in the UK, collectively manages over 120,000 employees using its platform, and boasts a team of over 500 globally.
Discussing the investment Ben Thompson, co-founder and CEO at Employment Hero, said: “Our latest valuation is recognition of all the hard work everyone has contributed to building a great company and a testament to our mission of creating as many quality employment opportunities as possible.
“70% of all jobs on earth are provided by SMEs (who represent 99% of all businesses) but most business owners still feel anxious, underqualified, and under-resourced as employers.”
“Employment Hero’s four pillars allow us to deliver a complete employment platform and service that people can use to find work, manage work, get paid, spend and save.
“This, combined with KeyPay joining the Employment Hero family, will set a new bar for what people expect from employment. It’s incredibly exciting and we have a lot of work ahead to continue to make employment easier and more valuable, for everyone.”
Phil Bernie, managing director at KeyPay, added: “We’re excited to become part of the Employment Hero team whilst maintaining our independence as a brand. It opens up incredible opportunities for KeyPay’s staff, customers and partners by adding greater capability and capacity to all areas of the business.
“Joining a company that is aligned on culture, core values, and a drive to deliver the best customer experience is an extremely motivating way to kick-start KeyPay’s next chapter.”
The future looks bright for both companies, watch this space.
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Senior Journalist
Dan combines his first-hand experience alongside the latest news and opinions in the HR Technology space.
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