HR startup Atlas secures up to $200 million in funding from Sixth Street Growth

0

Atlas Technology Solutions Inc., a startup with a cloud-based human resource management platform, today announcement that he secured an investment worth up to $200 million from Sixth Street Growth.

The startup will use the Series B investment to fund international expansion and product development initiatives.

Previously, Atlas raised a $20 million funding round in 2020 from Guidepost Growth, a growth capital firm focused on the technology industry. The startup was operating as Elements Global Services when it closed the round. It was renamed Atlas last June.

Establishing a presence in a new country often requires companies to set up a local subsidiary, which can take months and incur significant costs. Atlas’ platform facilitates international expansion initiatives. The platform provides so-called Employer of Record, or EOR, features that promise to reduce the time it takes to complete international expansion initiatives by up to 82%.

Atlas operates subsidiaries in more than 160 countries. Through these subsidiaries, the startup can hire workers on behalf of a company in international markets and handle related tasks such as payroll processing. Atlas says its approach eliminates the need for organizations to create their own business units in countries where they seek to establish a local presence.

Atlas also provides other features as part of its platform. The startup offers analytics tools to track metrics like the number of employees a company has in each country it operates in. In addition, Atlas provides access to a knowledge base that HR teams can consult to understand the local regulations of each country.

“The future of work thrives across borders and cultures,” said Atlas Founder and CEO Rick Hammell. “Atlas enables companies to seize the opportunity to be competitive, flexible and borderless.”

The company claims that its platform is used by thousands of businesses. Its customer base includes Toyota Motor Corp., publicly traded food delivery provider Delivery Hero SE and other large companies.

Atlas also works with other startups. He says his platform can help emerging tech companies reduce the costs associated with establishing a presence in a new country by up to 85%. Additionally, Atlas promises to reduce the amount of manual labor involved in the process.

To increase its market presence, Atlas will use its recently announced funding round to enhance its platform capabilities. The startup will add more self-service and automation features to the platform, and invest in software localization. At the same time, it intends to expand its customer service activities internationally.

Image: Atlas

Show your support for our mission by joining our Cube Club and our Cube Event community of experts. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, ​​Dell Technologies Founder and CEO Michael Dell, Intel CEO Pat Gelsinger, and many other luminaries and experts.

Share.

About Author

Comments are closed.