beqom received a $300 million investment from Sumeru Equity Partners. The funding will be used for growth in product innovation, and to allow better support of compensation and HR leaders worldwide, the company said.
Sumeru Managing Director Mark Haller said he looked forward to working with beqom to “accelerate innovation and scale [beqom’s] customer base globally. As the workforce becomes more global and the competition for candidates becomes more intense, he said, “best-in-class organizations are building innovative, equitable and transparent compensation models, driving strong tailwinds for beqom.”.@beqom's new funding will be used for growth in product innovation, and to allow better support of compensation and HR leaders worldwide. #HR #HRTech Click To Tweet
“We feel strongly that Sumeru is the right fit as an investor, bringing not only capital but proven expertise and a perfect match in company cultures,” said CEO Fabio Ronga.
beqom’s platform is used to streamline compensation management processes for Global 5000 customers and support rewards processes across an organization. Its solutions integrate with core HCM systems to enable competitive and effective compensation strategies, the company said. Managing over $300 billion in compensation, beqom said its solutions can work with companies of any size and in any industry.
A cloud-based compensation management software provider, Beqom describes itself as helping employers attract and retain talent, engage employees, control costs, streamline processes and ensure fair and compliant pay. Given the competitive labor market, changing compensation structures and strategic corporate initiatives that encompass DEI and pay equity, Beqom believes every company should reconsider its rewards strategy.
According to the researcher Technavio, the market for compensation software is expected to increase by $5.21 billion between 2021 and 2026. At the same time, growth momentum is expected to decelerate at a CAGR of 10.86% during the period.
Last year, beqom launched product upgrades that included improved capabilities for compensation planning, advanced currency management and enhanced support for global compliance. Improved mobile dashboards and production-quality “beautiful reporting,” were added to the user experience.