Keep an eye out for the workforce unicorn as the tech IPO market reopens

Back half The 2023 tech IPO is expected to open up the market. Whether the public offering window is later this year or early 2024, TechCrunch+ expects to see some familiar names from the HR tech space.

And maybe a few unfamiliar names.

Regular TechCrunch readers are familiar with HR-tech unicorns like Ripple, Gusto, and Dell, late-stage startups valued at more than $10 billion.

Velocity Global is another name to include in the startup cluster. Worth a few billion dollars, its recent growth and profitability means it should be on the list when we think of potential exits in the artificial intelligence market.

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Even more entertaining, Velocity Global CEO Ben Wright recently shared financial information about the company with TechCrunch+. The new numbers give us a better look at the growth and value of startups that help other companies run payroll.

There is a difference in the artificial technology space. First: While Payroll and Velocity Global seem to focus on being employers of record (EoR) for local companies looking to hire globally, Rippling and Gusto are known for processing payroll for clients’ domestic workers. . But don’t try to lump the four companies into two separate groups; Rippling offers its customers the ability to become co-employers, and both Rippling and Gusto provide support for international employees.

In short, while the four companies may have started with different focuses and geographies, they are increasingly overlapping by expanding their product lineups to support multiple customer use cases and, we expect, growing their revenue footprint with existing customers. .

While we wait for some bold company to be the first IPO out of the gate, let’s discuss Velocity Global’s numbers and valuation and compare both to what we know about private market competition. For you digit-heads, we’ll close with a question about which company’s estimate makes the most sense. ready? to make.