Deel, a human resources software startup, has achieved an annual revenue run rate of $800 million and is preparing for a potential initial public offering (IPO) as early as next year. The company also secured new major shareholders, General Catalyst and Abu Dhabi's Mubadala Investment Company, through a $300 million secondary share sale.
Human resources software startup Deel has hit an annual revenue run rate of $800 million, the company told CNBC.
Human resources software firm Deel said it has hit an annual revenue run rate of $800 million and is ramping up preparations to go public with a view to IPO as early as next year. In an interview with CNBC, Deel CEO and co-founder Alex Bouaziz said the company is developing robust financial audits, compliance processes and infrastructure as it looks to ensure it's in a good position to IPO."We are getting ready to go out, potentially next year or a bit later," Bouaziz told CNBC, adding that the firm recently added two new board members including former Illumina CEO Francis deSouza and former Coupa Chief Financial Officer Todd Ford.
"This is really what we want to build. This is, I think, a big part of the experience that we can bring to people. Being a public company can reinforce that sentiment, be part of the story and be part of the business," Bouaziz added. Jeannette zu Fürstenberg, managing director of General Catalyst, said Deel's"focus on enabling large enterprises to navigate the complexities of a global workforce fits seamlessly with our mission to back bold ideas that create enduring value."
IPO DEEL Startup Revenue HR Software General Catalyst Mubadala Investment Company
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