Zenefits, once worth $4.5 billion, does deal with a private-equity firm that gives it control
Dipanjan Deb founded Francisco Partners in 1999 after working as a principal at Texas Pacific Group. The firm, with locations in San Francisco, London and New York, focuses on providing capital to technology companies “facing strategic or operational inflection points,” according to its website.
A source familiar with the deal noted that the investment would allow Zenefits to capitalize on the $30 billion market for human-resources software among small- and medium-sized businesses. The source also said that Francisco sees momentum in Zenefits’ transition from its original business model to a software-as-a-service one.
The deal occurs as Zenefits has come under increasing pressures during Covid-19. The company, which once had more than 1,000 employees, laid off 15% of its staff in the spring of 2020, according toBoth Zenefits and Francisco Partners declined to comment.another startup designed to automate human resources, that passed $1 billion valuation last year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jeff Bezos Is Once Again Worth A Staggering $200 BillionAmazon’s surging stock has made the world’s richest person even richer. Meanwhile, Google cofounders Larry Page and Sergey Brin both surpassed the $100 billion mark on Wednesday.
Read more »
Jesuits commit $100 million to the descendants of people the order once enslavedIn 1838, the Jesuits who ran Georgetown University sold 272 enslaved people to pay off the university's debts. Now, the Jesuit Conference of Canada and the US has pledged $100 million to a foundation for the descendants of those people.
Read more »
Top secret Cold War project turned up plants that once thrived beneath mile-deep Greenland iceNew evidence suggests Greenland was once a much warmer and greener place than we know today. What it took in the past to melt the ice and cover it with plants could be critical for predicting how the Arctic will respond to climate change in the present day
Read more »
Get ready for Brood X: The once-every-17-years cicada swarm is comingIn a few weeks, a natural spectacle will take place across much of the U.S. — one that is not found anywhere else in the world. The periodical insects, also known as Brood X, are back.
Read more »