Oyster, a remote-work automation company that helps companies manage their remote workforce, completed the acquisition of cross-border hiring system Carrom.
Terms weren’t disclosed, but Oyster said Sooraj Chandran, Carrom’s founder and CEO, will lead Oyster’s product team and “accelerate” the company’s expansion. The company says its mission is to “reduce the friction” involved in international hiring by providing tools for talent acquisition, payroll and local benefits through a single platform. Oyster came out of stealth mode in April, when it announced $4.2 million in seed funding.Remote-work solution Oyster acquires cross-border hiring platform Carrom in move toward growth. #HR#HRTech @HeyOyster Click To Tweet
“The acquisition of Carrom will enable Oyster to accelerate the global reach of our platform and further enlarge the accessible talent pool for our customers, as well as bring employment opportunities to new parts of the world,” said Oyster CEO Tony Jamous.
Carrom was founded in 2018 in Germany by Chandran and Keerthi Jayadevan.
Global Remote Work Solution
Oyster believes the time is right for its platform because remote work and distributed teams are becoming an important part of business operations in the post-pandemic world. It also sees an imbalance in available labor, citing Korn Ferry research that predicts a deficit of 85 million workers in the developed world by 2030, while tens of millions of qualified workers will be available in the developing world.
The company says that imbalance could result in $8.5 trillion in unrealized annual revenue for companies globally.
Oyster’s seed round was led by London-based Connect Ventures, with participation from Sorenson Ventures, Kima Ventures and Transferwise Chairman Taavet Hinrikus. The company was founded by Jamous and Jack Mardack. Jamous was previously co-founder of communications software developer Nexmo, while Mardack was the company’s head of growth.
Sign up for our newsletter here.