The skilling & HR tech space is seeing a flurry of deals – acquisitions and investments – in the last three months. Data from research firm Venture Intelligence shows that 9 deals have been closed in the Jan-March quarter of 2018, and $59 million has been pumped in.
The quarter also registered a 300% jump in the investment compared to the same period in 2017.
Notable deals in the space include PeopleStrong’s acquisition of two companies – Grownout and Capabiliti and former Flipkart executive’s investment in CTO search firm Purple Quarter. Employee skilling startup Degreed, bagged a $42 million investment from Owl Ventures and Jump Capital. Sources add that HR tech is gaining importance in the era of skilling and tech-based recruitment and employee management services. Pankaj Bansal, co-founder and CEO, People Strong added that the company plans for two more acquisitions in the payment and employee management space. “The services of traditional HR companies are no longer as relevant and companies are migrating towards tech-enabled offerings. The HR tech industry in India is now worth $1 billion and the space will further grow with investments this year. We have added 52 customers in the last year and we project double the growth this year. It called for rapid growth and hence, the acquisitions,” he added.
This article was published on IndiaTimes.com