Investment Banking
for the Future of WorkVenero Capital Advisors is an international corporate finance advisory firm focusing exclusively on HR Tech and the Future of Work.
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Laser-Focused Sector Expertise
Venero Capital Advisors is the only investment banking firm focused exclusively on serving the unique needs of CEOs in the HR Tech and broader Future of Work sector. Clients want experts who understand the Future of Work industry, its trends and challenges. Our relentless focus on the Future of Work allows us to relate these dynamics to meet the specific needs of our clients in a way no other investment bank can.
We define Future or Work as the dynamic convergence of technology-based solutions and employee-centric business services.
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Talent Acquisition Job boards and career portals; Talent sourcing; Applicant tracking; Candidate engagement & referral; Interviewing & assessing; Onboarding |
Talent & Performance Management Employee performance assessment; Compensation, benefits, rewards; Engagement & culture; Career and succession planning; Wellbeing |
Corporate Learning & Development Learning Management Systems (LMS); Learning Experience Platforms (LXP); LCMS; Learning content libraries; Microlearning |
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Workforce Management Workforce scheduling; Task/activities planning & tracking; Time & attendance; Leave management; Gig / temp worker management; Vendor management |
Admin HR & Payroll Organisational and employee data, employment lifecycle processes, transactional employee and manager self-service; Payroll administration |
Business Management Budgeting & forecasting; Accounting; Invoice management; Corporate bill payment; Business spend management; Subscription management |
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Data Analytics Talent analytics; Workforce planning; Space utilisation; Performance analytics; Big data; Data visualisation; Survey analysis |
Productivity Document & content management; Communication & collaboration; Business process management; Process Automation |
Corporate Payments Payment processors and gateways; Incentives & vouchers; Pre-paid services; Fleet and mobility payment solutions |
Our Latest Research Notes & Viewpoints
Future of Work Technology – M&A and Investment Report (February 2021)
The Work Tech sector’s outsized growth potential, coupled by its significant fragmentation, increased competition and continued innovation has already kicked-off a broad- based wave of M&A. The trend is clearly towards integrated product offerings that cater to a wide range of adjacent functional needs for clients of all sizes. In 2020 there were 177 transactions, with disclosed value of $45.5 billion, compared to 190 acquisitions in 2019 and value of $38.3 billion. We call this the Great Consolidation because its trajectory indicates a reshaping of the Work Tech competitive landscape, with longer-term implications. Access the full report...
The Work Tech sector’s outsized growth potential, coupled by its significant fragmentation, increased competition and continued innovation has already kicked-off a broad- based wave of M&A. The trend is clearly towards integrated product offerings that cater to a wide range of adjacent functional needs for clients of all sizes. In 2020 there were 177 transactions, with disclosed value of $45.5 billion, compared to 190 acquisitions in 2019 and value of $38.3 billion. We call this the Great Consolidation because its trajectory indicates a reshaping of the Work Tech competitive landscape, with longer-term implications. Access the full report...
Open Banking drives consolidation (September 2020)
When Visa first announced the acquisition of a little known fintech company called Plaid for an eye popping $5.3bn in January 2020, the deal attracted significant investor and strategic interest. Since then we have seen multiple acquisitions in the API space, including Galileo which was acquired for $1.2bn by SoFi in April. Mastercard, reeling from missing out on the acquisition of Plaid to Visa, went on to acquire another API provider Finicity for $860m ($985m including earn-outs) in June. Swedish API provider Tink raised €90m in December last year at a post-money valuation of €415m and boasted several well-known investors including PayPal. Since then, Tink has gone on to acquire three companies including financial API provider OpenWrks (Sep 2020) in the UK, which accounts for one third of the country's account aggregation volume.. Download the full report...
When Visa first announced the acquisition of a little known fintech company called Plaid for an eye popping $5.3bn in January 2020, the deal attracted significant investor and strategic interest. Since then we have seen multiple acquisitions in the API space, including Galileo which was acquired for $1.2bn by SoFi in April. Mastercard, reeling from missing out on the acquisition of Plaid to Visa, went on to acquire another API provider Finicity for $860m ($985m including earn-outs) in June. Swedish API provider Tink raised €90m in December last year at a post-money valuation of €415m and boasted several well-known investors including PayPal. Since then, Tink has gone on to acquire three companies including financial API provider OpenWrks (Sep 2020) in the UK, which accounts for one third of the country's account aggregation volume.. Download the full report...
Fintech dedicated to the Gig economy (September 2020)
Fintech firms continue to add new product lines catering to gig economy workers and to expand their offering, both organically and through M&A. Banks and lenders are leveraging Lending as a Service to surface their products and services on platforms outside of traditional banking channels. Companies that started with B2B2C models for gig platforms are now targeting the entire gig economy. The launch of Payments as a Service has increased speed to market and resulted in greater competition. This client briefing note describes how the gig economy is driving the next wave of fintech. Download the full report...
Fintech firms continue to add new product lines catering to gig economy workers and to expand their offering, both organically and through M&A. Banks and lenders are leveraging Lending as a Service to surface their products and services on platforms outside of traditional banking channels. Companies that started with B2B2C models for gig platforms are now targeting the entire gig economy. The launch of Payments as a Service has increased speed to market and resulted in greater competition. This client briefing note describes how the gig economy is driving the next wave of fintech. Download the full report...
"State of HR Tech" Survey Results (July 2020)
Venero Capital Advisors is pleased to present the results of our first “State of HR Tech” survey. The findings provide invaluable and highly granular insights into how Future of Work (“FoW”) businesses are performing, as well as their near-term outlook. Companies can use this information to benchmark their own performance relative to peers, while investors and prospective acquirers can use it to assess investment and acquisition opportunities in the midst of significant business disruption and economic uncertainty. View the survey results...
Venero Capital Advisors is pleased to present the results of our first “State of HR Tech” survey. The findings provide invaluable and highly granular insights into how Future of Work (“FoW”) businesses are performing, as well as their near-term outlook. Companies can use this information to benchmark their own performance relative to peers, while investors and prospective acquirers can use it to assess investment and acquisition opportunities in the midst of significant business disruption and economic uncertainty. View the survey results...
Monthly HR Tech M&A and Investment Activity Updates
Every month, Venero publishes an update on HR Tech M&A and fundraising activity, presents the latest HR Tech public market valuations, reviews important market developments, including summaries of corporate earnings reports, and analyses selected M&A and capital raising transactions. See the Monthly Updates...
Every month, Venero publishes an update on HR Tech M&A and fundraising activity, presents the latest HR Tech public market valuations, reviews important market developments, including summaries of corporate earnings reports, and analyses selected M&A and capital raising transactions. See the Monthly Updates...
HR Tech Current State & Outlook (April 2020)
An economic review of COVID-19's potential macroeconomic shock, the impact it may have on HR Tech / Future of Work businesses, and the implications for fundraising and M&A. Topics covered include: Potential shape of the economic shock; Economic damage mechanisms; What to expect in the next 6 - 12 months; How Future of Work companies have been impacted; Assessing a company's defensiveness; Most heavily affected HR Tech sub-segments; HR Tech public market valuation development; HR Tech M&A activity; HR Tech investment activity highlights; Current market sentiment; Outlook for business spending, investor sentiment, M&A activity and valuations; M&A and fundraising considerations. Read more...
An economic review of COVID-19's potential macroeconomic shock, the impact it may have on HR Tech / Future of Work businesses, and the implications for fundraising and M&A. Topics covered include: Potential shape of the economic shock; Economic damage mechanisms; What to expect in the next 6 - 12 months; How Future of Work companies have been impacted; Assessing a company's defensiveness; Most heavily affected HR Tech sub-segments; HR Tech public market valuation development; HR Tech M&A activity; HR Tech investment activity highlights; Current market sentiment; Outlook for business spending, investor sentiment, M&A activity and valuations; M&A and fundraising considerations. Read more...