Atlas Technology Solutions Inc., a startup with a cloud-based platform for human resource management, said today that Sixth Street Growth has agreed to invest up to USD 200 million in the company.
The business will use the Series B investment to finance global expansion and product development projects.
Atlas previously received USD 20 million in capital from Guidepost Growth, a growth equity firm specializing in the internet sector, in 2020. When the financing was concluded, the startup went by the name Elements Global Services. This past June, it changed its name to Atlas.
Companies frequently need to establish a local subsidiary to operate in a new nation, which can take months and be quite expensive. The Atlas platform facilitates efforts to expand internationally. The platform offers so-called employer of record, or EOR, features that claim to cut the time needed to carry out initiatives for worldwide expansion by up to 82%.
In more than 160 nations, Atlas has subsidiaries. Through those subsidiaries, the startup may perform duties like payroll processing and employee hiring on behalf of a company in foreign markets. According to Atlas, their method eliminates the need for companies to build their business units in the nations where they want to have a local presence.
As part of its platform, Atlas offers other features. The startup provides analytics tools for monitoring figures like the number of employees a business has in each nation where it conducts business. Additionally, Atlas offers access to a knowledge resource that HR professionals can use to comprehend the regional laws in every country.
In the words of Rick Hammell, the founder and CEO of Atlas, “the future of labor thrives across borders and cultures.” “Atlas allows businesses to take advantage of being competitive, adaptable, and borderless.”
The business claims that thousands of companies use its platform. Toyota Motor Corp., Delivery Hero SE, a publicly traded food delivery company, and other significant firms are among its clients.
Atlas collaborates with other startups as well. According to the company, its platform may assist developing digital companies save the costs of establishing a presence in a new nation by up to 85%. Additionally, Atlas claims to lessen the process’s reliance on physical labor.
Atlas will use its recently announced fundraising round to increase the capabilities of its platform to expand its market presence. The business will invest in software localization and expand the platform’s self-service and automation capabilities. In parallel, it plans to grow its activities for providing customer service abroad.
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