Fintech turned HR outfit Share reached $295 million in annual recurring revenue (ARR) by the end of 2022, company co-founder and CEO Alex Bouaziz shared Today.
That’s 417.5% more than $57 million in ARR achieved at the end of 2021.
The huge jump in ARR is impressive by normal standards, but especially considering the challenging macro environment that startups everywhere faced last year. Share says it calculates ARR as monthly recurring SaaS revenue x 12. Bouaziz told businessupdates.org that a large portion of his ARR comes from the company’s Employer of Record (EOR) business.
Bouaziz also today confirmed the company’s $12 billion valuation, which we reported on in May at the time of Deel’s $50 million raise. At the time, Share didn’t confirm that valuation, apparently opting to wait until it had full-year ARR numbers to share.
Bouaziz also told businessupdates.org that Deel is profitable, with EBITDA positive since September. Further, Share claims that it makes an 85% profit margin. In other words, for every dollar of revenue generated, it keeps 85 cents.
Bouaziz and Shuo Wang started remote Share in San Francisco in 2019 as an EWC — with the mission of enabling companies to hire workers and contractors in other countries “in less than five minutes.” Share also says it gives companies the ability to pay teams in more than 150 currencies with “just one click”. It has since developed its strictly fintech model into what it describes a “full stack” “truly global HR platform” designed “to manage your entire workforce in a compliant way in just one system, from direct employees to international employees and everything in between.”
On January 11, we reported Part’s acquisition of Capbase for an undisclosed sum in a cash and stock deal, marking its entry into the asset management space.
Share says it has more than 15,000 customers, including Nike, Subway, Reebok, Forever21 and Klarna, and has “paid out $5 billion in salaries to hundreds of thousands of workers.”
In a blog post today the company also said it is offering a new basic product, Share HR, free to any company with less than 200 people. It also unveiled Share Engage, a set of HR Slack plugins designed “to help distributed teams build stronger culture, improve employee engagement, and measure adoption with powerful metrics.” The startup also announced the expansion of its global payroll offering by building what it described as its “first in-house payroll engine” starting with the US. said Part.
Over the past year, the global HR space has warmed up. For example, in October, Rippling unveiled its own global payroll offering, stating that it was specifically competing with companies like Deel.
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