PeopleDoc Secures $17.5M in Series B Funding From Accel Partners to Accelerate US and European Market Expansion
Cloud-Based Global HR Governance Top Priority for Large Companies
NEW YORK, NY and LONDON, United Kingdom, May 15, 2014-- PeopleDoc, a leading provider of Global HR Governance solutions, announced today that it has landed $17.5M in Series B funding from Accel Partners. Previous PeopleDoc investors, including Alven Capital, an independent VC firm based in Paris, and Kernel Investissements, led by Pierre Kosciusko-Morizet, the founder and former CEO of Priceminister, also participated in the round.
PeopleDoc is a pioneer in HR digitalization, providing a cloud-based SaaS platform that gives large companies more global HR control with reduced administrative costs. It has already seen strong adoption and counts over 150 companies as customers, including Starbucks, Total, Dow Chemical and Motorola. The new funding will help PeopleDoc immediately grow US and European market share.
PeopleDoc's HR platform features a suite of complementary products centered on its digital file management system, which allows HR departments and organizations to organize, access, and track their employee and policy information. By federating disparate systems, paper, and processes, PeopleDoc creates secure master employee files that can then be accessed easily by authorized users.
The platform extends to digital payroll, e-signature and case management to keep the HR workflow simple and online. With a no-training-required interface and cloud implementation, large companies quickly realize ROI from savings in paper-related and administrative costs. PeopleDoc customers are then able to enforce both global and local HR compliance, plus gain real-time disaster recovery.
In Europe, PeopleDoc (known today as Novapost) has doubled its revenue every year since its inception in 2010. Expanding on this success and planning for market growth, the company established offices in New York and Boston late last year and has since been ramping up US sales and marketing efforts aggressively.
"We are very pleased to have Accel join us to go after this burgeoning market," said PeopleDoc CEO & Co-Founder Jonathan Benhamou. "US HR executives are increasingly looking for more streamlined, unified views of their dispersed HR information and to increase their governance processes to save time and money. Our expertise in this market overseas has already produced several deals with US-based, global companies in the quick few months we've been operating here."
Philippe Botteri, a partner at Accel Partners in London, added, "We are very excited to invest in a fast growing company defining the new market of Global HR Governance. PeopleDoc's cloud-based solution has seen impressive traction on both sides of the Atlantic, and its very intuitive interface and ease of deployment are praised by its clients. We look forward to supporting its continued global expansion."
PeopleDoc is the fast growing global leader in Cloud-based document and employee relationship management systems. PeopleDoc makes it much easier to access, share and secure distributed HR information while it automatically ensures compliance and disaster recovery -- especially in global organizations. Founded in France as Novapost, the company has doubled revenues every year since 2010 leading to its 2014 US launch as PeopleDoc. With offices in NYC and Boston, the privately-owned, venture-backed company supports an impressive customer base of more than 150 large companies including Dow Chemical, Total, Motorola & Starbucks. (www.people-doc.com)
About Accel Partners
Founded in 1983, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, London, New York City and Bangalore, as well as in China via its partnership with IDG-Accel. Accel has invested in over 500 companies, many of which have defined their categories, including Angry Birds (Rovio), Atlassian, Cloudera, ComScore, Dropbox, Facebook, Groupon, Imperva, Kayak, Playfish, QlikTech, Spotify, Supercell, Varonis and Wonga. For more information, visit the Accel Partners web site at www.accel.com or find us on Facebook at www.facebook.com/accel.
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