Roundup: BetterUp Raises $300M; Paychex Makes Enhancements

News Roundup

Our weekly roundup of deals, product announcements and other HR technology news.

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BetterUp closed a $300 million Series E fundraising round, bringing the company’s valuation to $4.7 billion and total funding to $600 million. The round makes BetterUp the largest mental health and coaching company in the world. In February, BetterUp completed a $125 million Series D round. Wellington Management, ICONIQ Growth and Lightspeed Venture Partners led the round.

Paychex announced enhancements designed to help employers hire and hold onto talent, improve efficiency through automation and provide access to HR information whenever and wherever it’s needed. New features include a paycheck-review tool for employees, talent management tools and Amazon Alexa integration.

In this week's #HRTech roundup: @BetterUp hits valuation of $4.7 billion. Paychex releases enhancements, makes acquisition. And more. #HR Click To Tweet

Also, Paychex acquired Flock, a benefits enrollment and administration, onboarding and HRIS provider. The company said the acquisition brings it state-of-the-art benefits administration software that aligns with its goals. The HR software Paychex provides, combined with Flock’s benefits administration functionality, will help employers drive efficiency and adapt to the range of HR challenges brought about by Covid-19, Paychex believes.

Compensation software provider beqom announced its latest product upgrades, which include improved capabilities for compensation planning, advanced currency management and enhanced support for global compliance. The user experience now includes improved mobile dashboards and production-quality “beautiful reporting,” which is available to all users.  

Syndio raised $50 million in Series C funding, bringing its total funding raised to $83 million. The investment will support the company’s growth. The round was led by Bessemer Venture Partners, Emerson Collective and Voyager Capital. 

Benefits platform Benepass closed $12 million in a Series A round led by Threshold Ventures. Companies use Benepass to consolidate tax-advantaged accounts, perks and stipends onto a single platform. Each employee receives a Benepass Visa card with their benefits and a web portal and mobile app to track spending, check balances and request reimbursements.

PlanSource launched its Titan Software release. Included is InsightsIQ, a data visualization product that provides HR teams with insights and trends within the PlanSource platform. In addition, PlanSource continues to enhance DecisionIQ, powered by Milliman, which provides data-driven suggestions based on demographics, dependents, risk tolerance and regional cost comparison data for 100% of employees. In addition, employees can now see HSA and FSA benefits at the point of sale, showing estimated costs along with the tax savings.

CareerBuilder launched a new brand identity with a TV, radio and digital campaign urging, “Let’s Job It Up.” The campaign pushes a “new idea of success,” through which workers define themselves and “regain control” of their career moves. It positions CareerBuilder as a relatable and reliable platform for the everyday job seeker.

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Cornerstone OnDemand to go Private as PE Firm Takes Ownership

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