HR Path’s journey began in 2001, when two French HR consultants, François Boulet, and Cyril Courtin, met and identified an opportunity to create a technology system that serves all functions of personnel management from one single platform. Since then they have had the vision to build a global HR superpower that effectively combines key-business acumen and cutting-edge technology, to offer the best HR services to any size business.
With currently 1,200 customers on board the French HR tech firm now plans to expand in international markets with 100 Mn euros raised through the support of Andera Partners. This is the third round of funding for the firm.
Prior to this, the firm has raised money in June 2015 and March 2017, 10 Mn euros and 30 Mn euros respectively.
The money raised in the past has enabled it to change the scale and to assert itself as a major European player in the field of human resources, and more particularly in the digital transformation of the HR function.
HR path provides varied services from HR transformation consulting, to maintenance and outsourcing, through the implementation of software solutions and the management of the software change. It is currently the main integrator of Cegid, Oracle Cloud for HCM, SAP SuccessFactors, Workday, HR Access, Sage and Talentsoft. At the same time, HR Path has developed its own software suite: PoweHR to address payroll management, time management, talent management, including the public sector and a decision tool.
The company has seen tremendous growth in 18 years. Currently present in 14 countries on 5 continents, HR Path employs more than 800 employees and has a turnover of 95 Mn euros with the growth of more than 30 percent over the last fiscal year.
The drive to grow and expand further continues and the leaders remain ambitious and optimistic about the future of the company.
They intend to continue the international expansion by strengthening HR Path’s territorial network in the United States, Asia Pacific, Europe, and, depending on opportunities, in other territories where it is already established.
HR Path aims to reach a turnover of 130 Mn euros in 2020, and 240 Mn euros within 5 years, increase its workforce and become the world leader in global solutions for human resources.
As per Deloitte Consulting LLP, the HR technology marketplace is a $400 Bn market globally. Even, in the last quarter of the fiscal year 2018-19, a lot of investment was made in the HR tech space. One of the biggest fundings in the quarter was that of CareerArc, a global leader in HR technology, which raised a $30 Mn growth equity round led by PeakEquity Partners. Globally, Hone, the reimagined workplace training platform for modern and distributed teams, raised $3.6 Mn in a seed round led by Cowboy Ventures and Harrison Metal. Closer home, in the APAC region Singapore-based health-tech startup, Docquity raised $11 Mn series B funding.
With the HR tech market space being full of opportunities and with the increased demand for HR tech solutions from businesses, HR Path sure has a lot of possibilities to unleash its potential and achieve its goals. However, it also stands in competition with the many players in the market. The uniqueness of HR Path’s solutions and its offerings are what will give the required competitive edge to the firm.