HR Technology Perspectives
M&A and Investment Report
July 2019

Demand for both M&A and investment in the $15 billion Human Capital Management ("HCM") market is high. As the shift to cloud services accelerates, we have been seeing a steady flow of M&A, including mega deals that are of major strategic importance to acquirers. We expect these tailwinds to continue, reflecting the broadening impact of digital transformation on the HCM market and the outsized demand for best-in-class HR Tech assets.

In this report we share some of the insights and observations we have gathered from working with companies and investors in the Human Capital Management space over the last 12 months. We review the most prevalent M&A and investment themes, analyse notable transactions, benchmark valuation multiples (trading and acquisition) and highlight the factors that are likely to drive corporate finance activity for HR Tech businesses going forward.
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Venero Capital Advisors offers tailored and independent investment banking services to businesses operating in HR Tech and the Future of Work sector. Our client relationships are built and carefully maintained on trust, discretion and dedication. We combine in-depth industry expertise with market leading advisory skills – delivered within a highly confidential and unconflicted framework.

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