Goldman Sachs has made a $35 million investment in beqom, a Fribourt, Switzerland-based provider of compensation management software.
The eight-year-old company offers cloud-based total compensation and performance management solutions to large global organizations, addressing aspects such as salary review, bonus, long-term incentives, commissions, benefits, non-cash rewards, etc. The tech firm lists over 100 of the world’s largest companies, managing approximately 2 million payees on its platform annually. Its customers range across HR, sales and finance organizations, including Microsoft and Vodaphone, who leverage the platform to drive performance, retention, cost optimization and build a happier workforce.
Goldman Sachs Private Capital Investing (PCI) is Goldman Sach’s investment platform which is dedicated to providing long term capital to growth and middle market companies throughout Europe and Israel. PCI invests $20 million to $150 million per transaction in the form of common, preferred and structured equity.
Goldman’s investment is intended to accelerate the growth of beqom worldwide by reinforcing its global presence, increasing the direct sales force and further developing indirect sales channels. Beqom expects the investment firm to help the company continue to gain traction with the over 130 million employees of the world’s largest companies that do not currently use the platform, but for whom the service is a perfect fit.
“With this foundation, made of a unique solution, well-known loyal customers and a strong employee culture, it‘s time for us to tell all the large enterprises worldwide what we can do for them and their employees” stated Fabio Ronga, beqom’s Chief Executive Officer. “While this will translate into an acceleration of growth, it requires investments that we couldn’t self-finance".