Australian workforce management software maker Deputy has cracked the billion-dollar valuation milestone, with its first external investment in six years making it the first private technology “unicorn” company to emerge since the tech funding market soured in early 2022.
The new investment was made by US-based Express Employment Professionals, a global staffing and labour hire company. Deputy initially engaged Express as a potential customer, but the company liked its product so much it decided to buy a $37 million stake, at a valuation exceeding $1.1 billion.at $423 million. It means Deputy’s investors can revalue their stakes at the higher valuation, making it a win for local venture capital firms Square Peg and EVP, as well as US investors IVP and OpenView.
Twelve months later, Deputy brought in Ms Martincevic, the former chief commercial officer of US buy now, pay later start-up Affirm, to replace Mr Ahmed as CEO. Mr Ahmed joined the board of the 15-year-old company, alongside co-founder and chairman Mr Shelley.Deputy reported its first profit in the year ended June 30, 2023, recording a statutory profit of $8.5 million compared with a loss of $24.9 million the year earlier, while annual revenue topped $100 million.
Express Employment Professionals, which has more than 860 franchised locations across Australia, America, South Africa and New Zealand, will roll out Deputy’s technology across the organisation. Through the partnership, Deputy will add up to 500,000 new users, a 36 per cent increase in its current global user base.
Source: Tech Daily Report (techdailyreport.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘I don’t think I was drunk’: Nationals deputy leader admits to drinking before parliamentary hearingPerin Davey says she didn’t think she was drunk after stumbling in her speech during a parliamentary hearing, days after Barnaby Joyce was filmed lying on a Canberra footpath.
Source: smh - 🏆 6. / 80 Read more »
‘I don’t think I was drunk’: Nationals deputy leader admits to drinking before parliamentary hearingPerin Davey says she didn’t think she was drunk after stumbling in her speech during a parliamentary hearing, days after Barnaby Joyce was filmed lying on a Canberra footpath.
Source: theage - 🏆 8. / 77 Read more »
Senior Nationals MPs Defend Deputy Leader Perin Davey After Slurring IncidentSenior Nationals MPs have leapt to the defence of deputy leader Perin Davey, after she admitted to drinking at a function in Parliament House before slurring her words during a Senate hearing. The Nationals’ whip Mark Coulton and former party leader Michael McCormack both defended Davey and the hosting of the party’s regular staff drinks, just days after former party leader Barnaby Joyce was filmed slurring his words after a night out in which he mixed alcohol and medication.
Source: brisbanetimes - 🏆 13. / 67 Read more »
Shadow Home Affairs Minister Criticizes Deputy PM over Funding Cuts for Australian Border ForceShadow Home Affairs minister James Paterson has criticized Deputy Prime Minister Richard Marles for denying claims of funding cuts for the Australian Border Force. The government has faced criticism after two groups of asylum seekers arrived in Western Australia. The Opposition accuses the government of cutting the ABF budget, allowing asylum seekers to enter Australian shores. Marles denies the budget cuts. Paterson strongly disagrees.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Deputy Opposition Leader Defends Tweet About Foreign Criminals Assaulting WomenDeputy Opposition leader Sussan Ley has defended a tweet she wrote about "foreign criminals" allegedly assaulting women in Victoria, as tensions between the coalition and government rise ahead of the Dunkley by-election.
Source: SBSNews - 🏆 3. / 89 Read more »
Fani Willis accepts resignation of deputy Nathan Wade in Trump Georgia caseResignation comes after judge handed down ruling capping off series of hearings that investigated Wade and Willis’s relationship
Source: GuardianAus - 🏆 1. / 98 Read more »