Beqom Raises $300M to Fuel Product Innovation for Its Compensation Platform
In an ever-changing virtual world, cloud computing services are essential to managing the influx of information shared on the internet, especially between large corporations. After all, reports show that end-user spending on public cloud services was forecasted to reach a record-breaking $332.3 billion last year.
Beqom, a cloud-based compensation management company based in Switzerland with a U.S. headquarters is in NYC, understands this growing need. It uses its technology to help manage compensation and performance for sales and human resource departments at large corporations. This, to beqom, helps companies achieve and maintain fair pay, which is essential in the current competitive work environment. A few notable customers the company services are Mercedes Benz, PepsiCo and DHL.
On Tuesday, beqom announced it raised $300 million in a strategic investment from Sumeru Equity Partners.
“Compensation and rewards are at the heart of an organization’s employee experience. Since 2009, we have developed software that helps our customers build exceptional workforces that are engaged and inclusive,” Fabio Ronga, beqom CEO and co-founder, said in a statement. “We are thrilled to partner together with Sumeru to build a global standard for total compensation management. 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.”
Beqom’s recent raise follows a successful 2021 in which it witnessed 100 percent year-over-year bookings growth, according to the company.
With its fresh funding, the company plans to further grow its product offerings to “better support compensation and human capital management (HCM) leaders.”
While new funding isn’t dedicated to hiring efforts, the company is currently hiring for nearly 20 open roles in New York, Poland, Switzerland and London, among other international locations. Open roles vary from software engineers to UX/UI designers.