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The world is a big village and no one is trying to understand this more holistically than Omnipresent, a 2-year-old startup offering a human resource/onboarding SaaS service designed to help companies hire remote local teams across the globe. world. You never know exactly where in the world the best talent is waiting and companies can always use help making those key identifiers.
This is what Omnipresent does: help make the right connections, and investors know the value this brings. The maker of global remote employment software today announced it has raised $120 million in its Series B funding round, including a pre-Series B round in the second half of 2021.
Founded in 2019 and registered in London, Omnipresent handles just about everything needed for a company’s human resources team: compliance with local benefits, payroll, staff support and benefits for international teams, enabling customers to productively hire full-time staff internationally and to manage .
Omnipresent is a relatively new player in the SaaS-based onboarding market, competing with the more established Workday Peakon Employee Voice, SAP, WalkMe and Pendo. According to AppsRunTheWorld, the market is fragmented, so there is room for innovation. ARTW reports that the onboarding applications market is expected to reach $1.35 billion by 2025, compared to $1.2 billion in 2020 at a compound annual growth rate of 2.5%.
How Omnipresent works
Omnipresent’s approach is to act as the legal employer on behalf of its clients in each country, Guenther Eisinger, co-founder and co-CEO, told VentureBeat. The company’s intuitive, technology-backed platform enables HR staff to onboard new hires worldwide, giving them local contracts, tax contributions and competitive benefits such as health insurance, pensions and paid time off, he said.
At a time when companies need to attract the best talent, they want to take advantage of the quality and diversity of a global workforce, said Eisinger. “But there are challenges to operating globally, from dealing with local labor laws to payroll taxes and employee benefits. Omnipresent helps solve these complexities and acts as a partner to help companies lead the way globally. We are here to provide the expertise, support and guidance they need to hire international talent around the world,” said Eisinger.
Even though more than 2,000 languages are spoken in the world, Omnipresent currently handles all of its HR processes in English, because “it is still the language of global business,” Eisinger said. “But we expect to expand to several other mainstream languages in the future.”
The company currently offers its services in 160 countries, “so we need to understand the jurisdictions of those countries and understand the benefits, which are all very different,” Eisinger said. “We understand, for example, currencies, cultural norms, payroll, all this. We are able to create an employment onboarding experience without the applicant ever speaking to a human – usually. That will not always be possible, but this is our intention.”
Entering salary information into the app automatically calculates contributions and co-payments from taxes or automatically generates the contracts, Eisinger said, and signatures are completed completely online. Identity and background checks are all done online, he said.
“This is a journey,” Eisinger said. “We have been able to automate certain steps. But of course this will take some time (to perfect as much as possible), which is one of the reasons why we landed another solid round of investment. Technology is one of the areas in which we will invest heavily.”
‘Tectonic shift’ in the way companies rent
The world is seeing a tectonic shift in the way companies work and hire — from local-first to global- and remote-first, said Matthew Wilson, co-founder and co-CEO of Eisinger.
“Ubiquitously, it catalyzes and accelerates this change,” Wilson said. “Every day we see companies benefiting from a global pool of the best talent and employees benefiting from new access to career opportunities around the world – no matter where they live.”
Omnipresent stands out for its expert knowledge of local differences in a globalized world, said Ola Nordbye, investment director at Kinnevik, who led the financing round.
The future of remote working worldwide
The proceeds of the current investment will be used to help build Omnipresent’s new products and services, customer growth and geographic expansion. The company will also add several hundred new members to its diverse, distributed team, who work remotely from around the world, Eisinger said.
This investment round was led by Kinnevik, a leading European growth investor, and Tencent, a leading global technology company. Uncorrelated Ventures, a San Francisco-based investor, also participated, completing an investor list from Asia, Europe and the Americas.
“Employers no longer rely on their local environment for the talent they need to grow their business,” Eisinger said.
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