 The macro narrative in 2022 was dominated by high inflation, the possibility of an economic recession, and disrupted asset values, particularly high-valued technology stocks. For HR Tech and Work Tech businesses, this narrative had the most profound impact on capital raising, which saw volumes drop to $2.0bn in Q4, levels last seen in Q2 2020, at the peak of the Covid-19 pandemic. However, total funding in 2022 was $19.4bn – a record amount, eclipsed only by the $46.1bn raised in 2021 and higher than the $12.7bn raised in 2020. M&A volumes remained resilient for most of the year, with the effects of the adverse market sentiment not appearing until Q4, reflecting the slowdown in new deal originations earlier in the year.
As we move into 2023, we expect that these themes will continue to affect sentiment in HR Tech and Work Tech. However, their impact will likely change due to the swift tightening of monetary policy in the US and Europe, which has started to affect a range of areas in the economy and capital markets, including inflation, consumption, employment, and business investment. If inflation in the US and Europe continues to decline without a sharp increase in unemployment, this would imply a higher probability of a much-desired soft landing–a scenario that many thought very unlikely just a few months ago.  LONDON, PARIS, BERLIN, LOS ANGELES, 9 January, 2023 – In 2022 Venero Capital Advisors ranked as the #1 HR Tech focused M&A and corporate finance advisor globally by deal volume. The firm has been delivering almost a deal per month on average and in the last two years completed 17 M&A, debt financing, and equity financing advisory transactions for HR Tech and Work Tech businesses across Europe, N. America and Australasia – a track record that is by far the largest within the HR Tech sector compared to any other investment bank.
 Upstream is a leading MarTech company in the fastest-growing markets in the world. Its mobile marketing automation platform, Grow, combines innovations in marketing automation and multi-channel digital communication, delivering tangible ROI on every marketing dollar spent for its customers. Venero Capital Advisors acted as exclusive financial advisor in the refinancing of a €25 million long-term debt facility aimed at expediting scaling up Upstream's Mobile Marketing Technology.
 LOS ANGELES, CA December 8, 2022 – Certemy, a leading provider of SaaS employee compliance and credentialing management software for employers and professional credentialing organizations, announced the successful closing of a Series B funding round led by Numeta Capital and Apis Holdings. The Series B funding included the conversion of a prior series of convertible notes. Investment banking advisory services were provided by Venero Capital Advisors Ltd. Legal services were provided by Blank Rome LLP.
 VANCOUVER, CANADA and PARIS, FRANCE, October 24, 2022 – Boostrs, a Paris-headquartered European leader in mapping and matching employee skills in order to deliver HCM solutions, has announced the acquisition of its assets by Visier, the Canada-headquartered globally recognised leader in people analytics with 25,000 customers worldwide. Venero Capital Advisors acted as exclusive financial advisor to Boostrs.
 LOS ANGELES, LONDON and ZURICH, October 11, 2022 – Marlin Equity Partners has acquired People-Analytix AG, an AI-based employee skills management platform. Headquartered in Switzerland, the company’s skills management platform includes a proprietary multilingual skills ontology with over 20,000 unique skills, enabling companies to identify organizational skills gaps, uncover workforce trends and match employees to jobs, projects and learning. People-Analytix will be merged with Learning Pool, an existing Marlin portfolio company. Venero Capital Advisors acted as financial advisor to People Analytix.
 Singapore, Oct. 11, 2022 — Workmate, Singapore’s fastest-growing on-demand staffing platform for the frontline workforce, has been acquired by PERSOL, one of the largest HR service providers in the Asia Pacific region. The combination of Workmate and PERSOL will accelerate the advancement of Workmate’s on-demand manpower solutions across the Asia Pacific. Venero Capital Advisors acted as exclusive financial advisor to Workmate.
 Antwerp, Belgium and Oslo, Norway, 7 October 2022 – Visma, one of European leaders in cloud software, has acquired Beeple, a fast-growing Belgian tech scale-up that offers planning and communication solutions for organisations with flexible workers. Venero acted as exclusive financial advisor to Beeple.
Beeple was founded by Karel Rabaut and Nathan Samson in 2016. Today, the company is a central platform connecting everything around HR and providing a direct line between staffing agencies, clients and temporary workers.  Following a very strong recovery in 2021 and an initial softening in 1H 2022, the HR Tech and broader Work Tech businesses are adjusting to a new normal. This involves lower growth expectations for 2023 and emphasis on cashflow & profitability. In this context, Q3 shaped up as follows:
 Yon, Switzerland and Dublin, Ireland, 30 August 2022 – Our Tandem, a Continuous Performance Management platform adopted by major European enterprise clients, has announced its acquisition by Beqom, a Swiss headquartered, global provider of a cloud based total compensation solution, backed by Sumeru Equity Partners. Venero Capital Advisors acted as exclusive financial adviser to Our Tandem.
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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.
Venero Capital Advisors Ltd. is authorised and regulated by the Financial Conduct Authority (the "FCA"), appearing on the FCA register under firm reference number 795179. © Copyright 2023 Venero Capital Advisors Ltd. |