WORKFORCE MANAGEMENT, EMPLOYEE BENEFITS
PRnewswire | May 31, 2023
WorkAxle, a leading provider of workforce management (WFM) solutions, and TalenTeam, SAP Gold Partner and Human Experience Management expert, are proud and excited to announce a strategic partnership. This collaboration aims to empower organizations in Europe and the Middle East with cutting-edge solutions that optimize workforce management processes and drive operational efficiency.
WorkAxle's commitment to customer success and innovation has positioned the company as a trusted partner of major human capital management (HCM) platforms. By joining forces with TalenTeam, a recognized leader in workforce transformation and deep SAP SuccessFactors expertise, WorkAxle expands its reach into the European market while delivering exceptional solutions tailored to the unique needs of organizations in the Middle East.
"Our partnership with TalenTeam marks an exciting milestone in our journey to simplify workforce management and enable businesses all around the world to focus on their core operations and growth," stated Luc Hédou, Chief Executive Officer at WorkAxle. "By collaborating with TalenTeam, we are now able to offer organizations in Europe and the Middle East easier access to our innovative Time & Attendance, Scheduling, Leave & Absence, and Community solutions."
TalenTeam brings its extensive expertise to the partnership. As a reseller, TalenTeam will provide implementation, support, and ongoing services for WorkAxle's WFM solutions in Europe and the Middle East, ensuring organizations receive exceptional support throughout their digital transformation journey. Their local presence in the Middle East ensures that businesses in the region receive personalized assistance tailored to their specific requirements, further strengthening the value of WorkAxle's WFM solutions.
The strategic partnership between WorkAxle and TalenTeam merges their strengths and expertise to drive the digital transformation of workforce management in Europe and the Middle East. By leveraging WorkAxle's innovative solutions and TalenTeam's deep HR transformation knowledge, organizations can optimize their workforce management processes and achieve operational efficiency, paving the way for growth and success.
TalenTeam, SAP Gold Partner, empowers organizations with transformative HR solutions that fuel growth, inspire innovation, and elevate the employee experience. With an unwavering passion for excellence, TalenTeam has successfully transformed HR in over 100 organizations across the globe. TalenTeam is recognized for its high degree of product knowledge and strong experience of providing HXM implementation, training, and support services. Harnessing the power of cutting-edge technology, TalenTeam's award-winning apps and extensions fulfil unique business requirements and quip clients with the tools to stay ahead in the dynamic business landscape.
WorkAxle is a leading provider of comprehensive workforce management solutions, empowering organizations to streamline their workforce management processes and drive operational efficiency. A modern and modular enterprise WFM platform that is extensible, future-proof, and quickly deployable at scale and with a commitment to innovation and customer success, WorkAxle offers tailored solutions that cater to the unique needs of large enterprises in various industries. WorkAxle WFM is available on the SAP store, providing SAP customers with a reliable and scalable solution that can adapt to their unique needs.
HR ANALYTICS, WORKFORCE MANAGEMENT
PRnewswire | June 01, 2023
Veritone, Inc. (NASDAQ: VERI) ("Veritone" or the "Company"), a leader in enterprise AI software and services, today announced its agreement to acquire Broadbean, a global leader of software-as-a-service (SaaS) technology that makes talent acquisition and engagement easier, faster and more efficient, from CareerBuilder. Covering more than 180 countries, serving 3,000+ clients and integrated with over 100 Applicant Tracking Systems (ATS) partners, the strategic acquisition of Broadbean will expand Veritone's AI-powered human resources solutions offerings and will build upon Veritone's acquisition of PandoLogic in 2022. Total consideration paid will be $52.5 million in cash on a cash- and debt-free basis. The acquisition is expected to be immediately accretive to Veritone's operations, and on a standalone basis, is expected to generate SaaS and GAAP revenues of over $35.0 million on an annualized basis while contributing attractive EBITDA margins.
Veritone's Innovative HR Solutions Enable Increased Efficiencies within the Hiring Process
Both Broadbean and PandoLogic hold leadership positions in the rapidly evolving talent acquisition market, which is valued at $36.1 billion globally as of 2022, according to Staffing Industry Analysts. By using AI recruiting tools to engage job seekers, Veritone HR Solutions will accelerate employers' hiring efficiency with advanced data-driven hiring decisions and process automation. With more than half of Broadbean's revenue coming from outside of North America, the combined offerings will further accelerate Veritone's geographic expansion and address the challenges presented by today's remote and hybrid hiring requirements.
The acquisition of Broadbean will add more than 5 billion data points of global job advertising performance to Veritone's AI algorithms and analytics, enabling Veritone to further enhance recruitment insights for customers and scale AI-driven enhancements across the business.
"This transformative acquisition signifies Veritone's focused approach to expanding and scaling our AI-powered HR Solutions portfolio globally," said Ryan Steelberg, president and chief executive officer of Veritone. "The acquisition will build on the strength of our organic growth, will expand our HR Solutions addressable market opportunity, is expected to be immediately accretive, and will unlock new sales growth and development opportunities as Veritone integrates PandoLogic's recruitment technology into Broadbean's global distribution software and network. The combination of our companies will extend the reach of leading AI technology and HR SaaS solutions globally to the world's largest multinational employers that require more efficient and scalable human resource and hiring solutions.
"We believe the added financial scale and leverage, and product expansion into over 100 ATS partners, will enable us to accelerate further adoption and utilization of our AI via PandoLogic's programmatic technology," added Steelberg. "Both companies have been leaders in the HR and talent acquisition markets, including Broadbean's global footprint with over 3,000 customers. We are excited about the prospects, and welcome Broadbean's talented team to Veritone."
"With our shared vision for technological HR-enabled solutions and strong cultural alignment, we are looking forward to becoming a part of the Veritone family," said Alex Fourlis, President, Broadbean, who will step into a new senior leadership role with the combined company after the transaction closes. "We believe that Veritone's AI capabilities and our combined portfolio will help unlock value in Broadbean's performance data, client and partner ecosystem."
Post-closing, the combined businesses of Broadbean and PandoLogic will be integrated and rebranded as Veritone HR Solutions. This will enable Veritone to better service new and existing customers with a broader suite of HR-enabled solutions and allow for increased efficiencies and a go-to-market team that has broader geographic presence.
In conjunction with the acquisition, Veritone is announcing several executive changes within its HR Solutions business. Terry Baker has stepped down as President and Chief Executive Officer of Veritone subsidiary, PandoLogic, and accepted a new role as independent advisor to Veritone, supporting Veritone's HR Solutions business. Additionally, Veritone has appointed Matthew O'Connor as Chief Revenue Officer of Veritone HR Solutions.
UBS Investment Bank is acting as sole financial advisor to Veritone. Cooley LLP is acting as legal counsel to Veritone. PJT Partners and LionTree are acting as financial advisors to Career Builder. Sidley Austin is acting as legal counsel to Career Builder.
Veritone is a leading provider of artificial intelligence (AI) technology and solutions. The company's proprietary operating system, aiWARE™, orchestrates an expanding ecosystem of machine learning models to transform audio, video and other data sources into actionable intelligence. aiWARE can be deployed in a number of environments and configurations to meet customers' needs. Its open architecture enables customers in the media and entertainment, legal and compliance, and government sectors to easily deploy applications that leverage the power of AI to dramatically improve operational efficiency and effectiveness. Veritone is headquartered in Costa Mesa, California with over 300 employees, and has offices in Denver, London, New York, and San Diego.
COMPENSATION MANAGEMENT, PAYROLL
PRnewswire | June 01, 2023
Nium, the leader in real-time global payments, has enhanced its market-leading payroll payments solution to support the complex needs of payroll platforms worldwide. Nium's payroll solution simplifies global growth for a majority of payroll platforms, including Panther, a provider of global employment, payroll, benefits, and contractor software that can be integrated with an HR tech stack.
In addition to expanded network and currency coverage in Canada, Africa, Middle East, Latin America, and Asia Pacific, new enhancements to this offering include:
Foreign Exchange (FX) Transparency: Allows for end-to-end FX control, which includes transparent costs with a single clear FX markup and one low per-transaction fee to help manage costs at scale. With this, clients can schedule bulk conversion for ease and control, lock FX rates to manage FX fluctuation, and configure fees at the customer level for flexibility;
Beneficiary Pre-screen and Confirmation of Payee: Minimizes potential returns with verified payee information and keeps the payment process quick and smooth;
Scheduled Payouts: Enables clients to disburse payments to their workforce on a certain date. Provides predictability to their clients' employees on when to expect to receive their salary payouts;
Direct Debit in the US, UK, and EU: Provides the ability for platform clients to pull funds from their customers' primary bank accounts into their Nium wallet to fund payroll payouts, this improves cash flows and reduces friction.
The global payroll outsourcing market was pegged at $9.9 billion in 2021, according to U.S.-based Allied Market Research. Growing at a CAGR of 7.2% from 2022 to 2031, the market is expected to reach $19.5 billion – making it one of the largest and fastest growing opportunities in global payments. The need to hire at scale across borders is rapidly becoming a key competition for companies. But, adding remote workers adds significant cost and complexity to payroll operations, simplified by the growing number of third-party payroll platforms. Specifically, 80% of companies believe that transparent foreign exchange rates are important for payroll providers. By making Nium's fees transparent, its clients can have more control over their finances.
"Global payroll is complex," says Robin Gandhi, CPO of Nium. "Every country has different regulations, including tax laws, employment laws and data privacy laws which make the compliance process tricky, and that's what payroll platforms do best. However, getting money to every employee or contractor on payday in their preferred account, on-time, and across multiple geographies is not easy. With our global payments network and payroll specific functionality, we make payroll seamless, so platforms don't have to worry about the technical and legal lift to send money across the world knowing that their employees will have access to funds when they need them."
"We trust Nium to move funds reliably, quickly, and compliantly around the world and across different corridors," said Matt Redler, CEO and Co-founder of Panther. "We consider their payroll solution a trusted component of our engine. Specifically, their transparent FX capabilities allow us to price our FX revenue stream in a competitive way. We're excited about Nium's payroll enhancements and our continued partnership."
Nium's payroll solution goes beyond the ordinary, offering a comprehensive suite of products to empower global payroll platforms and businesses to seamlessly onboard, transact and manage payroll for employees and contractors worldwide, including competitive FX, built-in compliance, real-time payments, security offerings, zero-deduction wire transfers, and multiple market coverage. However, the company understands that payroll is not merely a transactional process; it is mission critical money movement that holds the power to impact lives and it's important to have a partner businesses can trust. By leveraging Nium's global payment platform, platforms and businesses can put their trust in Nium while they focus on growing globally with improved operational efficiency and exceptional customer experience.
Nium, the leader in real-time global payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the on-demand economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium's growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore, with regional offices in London, Amsterdam, Hong Kong, Mumbai, Bengaluru, and Chennai.