Namely offers a mobile-first subscription HR platform that bundles payroll, talent management and other HR services for mid-size businesses. The company currently serves about 1,000 client companies that collectively employ roughly 200,000 people and has surpassed $50 million in annual recurring revenue. Namely is roughly six-and-a-half years old and operates with a ~400-person team. Leadership recently changed: board member Elisa Steele was appointed permanent CEO following an investigation that led to the prior CEO’s departure. Steele has said the company will accelerate product work, including deeper workforce analysis, hire more employees, pursue more customers and form new partnerships. Investors view Namely as well-positioned in a mid-market HR software market expected to grow significantly by 2025. Namely provides a cloud-based, all-in-one human resources platform that bundles payroll, benefits and HR tools for mid-sized companies, applying data science to aggregation and HR workflows. The company is expanding its product set into timekeeping and its first hardware offering aimed at hourly workers. Namely emphasizes compliance and experienced HR staff as differentiators versus peers. It serves 650 companies totaling about 120,000 employees and has processed roughly $4 billion in payrolls. The company is not yet profitable but expects profitability in the next couple of years and is focused on sustainable growth. CEO and founder Matt Straz has said the plan is to remain independent and ultimately pursue an IPO as a billion-dollar company. Namely is a New York City-based provider of an HR software platform for mid-market companies. Led by founder and CEO Matt Straz, the platform allows companies to handle HR, payroll, benefits and talent management with dedicated account support. The platform is used by over 400 clients with more than 60,000 employees globally. The company said it will use the new capital to invest in its core HR, payroll and benefits technology and operations and to expand integrations. Namely raised an additional $30M in funding in a round led by existing investor Sequoia Capital, with participation from Matrix Partners, True Ventures and Greenspring Associates, bringing total funding to $107.8M. It is also opening a new sales office in Austin and expanding its New York and San Francisco operations. Namely offers a modern, integrated HR platform spanning payroll, benefits, HR information, and talent management, used in 20 countries by over 250 clients and more than 40,000 employees. In June 2014 it launched nationwide payroll and is now processing more than $1 billion in annual payroll, which the company calls the fastest-growing payroll provider ever. More than 60% of clients use multiple components of Namely’s offering and 97 of every 100 customers renew. The company reported sales growth of over 700% in 2014. Namely plans to use new capital to expand its reach, deepen its product, and grow its team; it has opened a San Francisco office and plans to move into a larger New York City headquarters with 500-person capacity. The company also appointed Debra Squyres as Vice President of Client Services to strengthen service capabilities. Namely offers a modern, unified HR platform that combines payroll, HR information, talent management, and now benefits brokerage for small and mid-sized companies. With this update the company is licensed to offer medical, dental, and ancillary benefits nationwide and positions itself as a comprehensive HR-plus-benefits provider. The platform is used by over 200 clients across 20 countries and serves more than 30,000 employees. Namely reported rapid expansion in 2014—growing sales more than 700 percent, quadrupling its client base, and more than tripling headcount that year; it also doubled its employee base in the prior 90 days. The company says bundling HR, payroll, and benefits makes these services affordable and accessible to underserved small and growing businesses. Headquartered in New York City and founded in 2012, Namely has been scaling product and go-to-market efforts alongside the new benefits offering.

Total raised

$216M

Funding rounds

8

Latest round

Equity

Latest activity

Aug 2018