Velocity Global Announces New Financial Metrics; Crosses $200M ARR
Valued at $2B, the global talent solution provider reports significant momentum as the demand for remote-first workplace solutions accelerates
Velocity Global, the leading provider of global talent solutions, today announced new financial metrics and corporate momentum to include:
- Crossed the $200M ARR threshold.
- More than 40% organic growth YoY.
- Profitable YTD in 2023, as it has been seven of the last nine years.
- Nearly 1,500 customers, including Databricks, Penguin Random House, Linksys, International Justice Mission, Crunchbase, Dragonfly, and Schwans International.
- Enhancements to the employee and employer experience through partnerships with companies like Upflex and strategic integrations with leading HR technologies like BambooHR, Greenhouse, HiBob, and Namely.
- Platform updates including automated quoting and faster, self-service employment contract creation, which is already helping early customers experience 50% faster onboarding times as well as a forthcoming simplified UI to improve the customer experience.
The increase in demand for technology platforms that make it possible to compliantly hire and pay talent around the world has provided significant tailwinds for Velocity Global. That demand has been accelerated by economic uncertainty and other macroeconomic issues that make remote work, global expansion, and access to talent mission critical. Earlier this month, nearly 20% of Velocity Global’s client base was directly affected by Silicon Valley Bank, accounting for hundreds of millions of dollars in payroll. The good news: redundancies built directly into the Global Work Platform – alongside a strong balance sheet and ample liquidity – allowed us to ensure our clients’ payroll would not be disrupted.
“Velocity Global’s growth is a testament to our team’s commitment in building a solution that is defining the future of work, while navigating the complexities of compensating employees across the world in a compliant way,” said Ben Wright, CEO and co-founder. “In our industry, being right is just as important as being fast, and that’s reinforced by 70% of our customers who cite compliance measures as to why they chose our platform. The fact is that recent developments in the financial sector reminded us that building redundancies around payroll and compliance are non-negotiable. We are building a platform that isn’t just reactionary to the industry, but pioneering its future.”
Other Notable Milestones & Company Updates:
- Key Technology & Product Hires: Across design, engineering and technology including Winnie Wong, Vice President of Design, Kumar Ramanathan, Vice President of Engineering & Chief Architect, and Chuck Kim, Vice President of Cloud and Corporate Infrastructure.
- Global Expansion: Offering support in more than 185 countries with more than 7,500 supported employees across more than 60 entities around the world. This includes recent additions like Ghana, Egypt, Uruguay, Ukraine, and Argentina, with several more planned for Q2.
- Customers: Velocity Global continues to expand its enterprise clientele with more than a dozen major universities, 50+ global retail brands, dozens of nonprofits including three NGO’s, and thousands of other large companies in every major industry spanning rocket builders to amusement parks to publishers to technology companies to cutting-edge investment firms.
- New Partnerships: With Upflex, whose platform gives people access to 10,000 locations from more than 1,250 providers – including Wework, Industrious, and The Office Group, Velocity Global now has the capabilities to offer non-traditional benefits options for clients and supported employees.
- Industry Analyst Recognition: Velocity Global was named as a leader in NelsonHall’s Vendor Evaluation & Assessment Tool (NEAT) for global employer of record (EoR) services as well as Everest Group’s PEAK Matrix® Assessment 2022 for employer of record (EoR) solutions.
- Integrations: New integrations with Bamboo HR, Greenhouse, HiBob, and Namely to source talent, onboard, and manage the workforce, remove the friction of dealing with multiple systems and data transfers. Most companies already use Applicant Tracking Systems (ATS) and HR Information Systems (HRIS), so by integrating these into Velocity Global’s EoR solution, Global Work Platform, expanding and maintaining a global workforce becomes as easy as a click away.
“We’ve seen double-digit growth in the EoR market over the last few years and expect this growth to continue as the model addresses a very real need for companies to attract and retain top talent anywhere in the world,” said Jeanine Crane-Thompson, Principal HR Analyst at NelsonHall. “As an early player in the industry, Velocity Global stands out with its deep in-country expertise and continued technology innovation providing its customers with peace of mind and speed as it comes to employing talent across the globe.”
For more information, visit www.velocityglobal.com.