Oyster, a global HR software provider, hits a $1B valuation. Oyster is part of the hyper-competitive remote HR software market, and its competitors are Remote, Omnipresent, Multiplier, Globalization Partners, Deel, Papaya Global, Panther, Velocity Global, and Skuad.

Oyster, an HR software provider, has raised $150M in a Series C. The round drew participation from Georgian Partners, Okta, LinkedIn, Salesforce Ventures, and Slack Fund, among others.

HOW’S THE COMPANY PERFORMING?

• Delaware-based Oyster enables companies to manage distributed workforces.
• The platform drew 20K+ job applications in Q1’22.
• Its revenue grew more than 20x in 2021.
• The company’s client portfolio includes HiPeople, Quora, lokalise, Firstbase, Nomads, and Hubble, among others.
• Oyster has a team of 500 people spread across 60+ countries. In 2021, it increased its headcount by 17x.

Source: Oyster

WHY DOES THE MARKET MATTER?

• The global HR software market is expected to reach a value of $33.6B by 2028, growing at a CAGR of 10.1%, according to Verified Market Research.
• The increasing adoption of cloud-based workforce management solutions across verticals by businesses of all sizes amid the pandemic has resulted in market growth.

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